Reply #12: Life insurance proceeds will either [View All]

end up in the state unclaimed property office if the policy was paid in full, or you'll get a bill from the company for premiums. Many folks have life insurance premiums deducted from their bank accounts. The executor/trix can find out if that happened.

A thought for all. Take a little time and list all bank and brokerage accounts (no account numbers, your executor or guardian only needs to know where), real estate, autos, safety deposit boxes, valuables etc. keep it updated. Give a copy to a trusted friend, attorney, accountant, minister, etc. Do the same with your will.

I've been the executor on three estates with at least one more to go. Believe me, it greatly simplifies the process if there's a list. It also means that your stuff goes where you want it to go.

I read a few years back about a $500,000.00 life insurance policy that was pais to the state of MA because the beneficiary could not be found. The unclaimed property office kept it for almost 15 years. When the beneficiary was fially found, she received almost $515,000.00 (the state paid interest for the use of the money).

The deceased was the beneficiary's wife. He never told her about the policy. Both were professors at a college or university in Boston. She was nearly 80 when the money found her. Bright prople keeping secrets.

Imagine what a half million received in 1985 could have grown into in the economy between then and 2000 if invested. Imagine the value to the widow at 65 as opposed to 80. She said it, I wish I'd gotten this when my health was good and I could have traveled or done something useful with it.

'nuff said.