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A beneficiary is a person or entity who is named in a life insurance policy who is expected to receive a death benefit. A beneficiary can be:
According to the Insurance Information Institute, there are two types of beneficiary: primary and contingent. A primary beneficiary would receive death benefits if he or she is able to be located after a person passes on. A contingent beneficiary is entitled to the death benefits if the primary named beneficiary can’t be found.
If a loved one passed away and you are the heir to their estate, are you receiving everything required to guarantee the transfer of wealth has been done so correctly? If a family member of yours left you in charge of transferring their wealth to the appropriate parties by naming you the personal representative, or executor of their estate, are you positive you understand what the process entails?
Whether you are an executor or a beneficiary who has an inquiry or concern regarding the probate process, it is time you consider speaking with a probate lawyer in the state of Utah. While employing a probate lawyer isn’t always necessary, they can be quite helpful to you if something seems out of the ordinary with the decedent’s will, or you simply do not have ample time to carry out the duties that come along with serving as the personal representative of your loved one’s estate.
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