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Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 6923
Experience:  30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
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Trying to figure out, if in Washington State, how this scenario

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Trying to figure out, if in Washington State, how this scenario would work.

Father died 10/2012

Found out today that his Mother had a life insurance policy, that he was the beneficiary of.
His Mother passed away in 1991.
He never received the pay-out.

Is the benefit now part of his Estate?
If so - is it in Probate our outside Probate?
Does Washington State require the insurance company to put the benefit in an interest bearing account (similar to New York)?

If it is not part of the Estate - what is our next step?

Thanks so much in advance for your assistance.
Found out that he did not receive a Life Insurance

Good morning. I will assist you in answering your questions:

Is the benefit now part of his Estate?

Yes. If the money is still with the insurance company and hasn't been paid over to the State as abandoned property, they should send a check either payable to him, or payable to his estate if they have proof of his passing.


If so - is it in Probate our outside Probate?

It is part of his probate estate, but depending on the amount, you might be able to get it paid out directly to the heirs under the Washington Small Estates affidavit. See:

http://www.small-estate-affidavit.com/


Does Washington State require the insurance company to put the benefit in an interest bearing account (similar to New York)?

Yes. It may be as much as 8% or even 11%. See Washington Revised Code 48.23.300 http://apps.leg.wa.gov/rcw/default.aspx?cite=48.23.300

 

I hope this information is helpful and that you will enter a positive rating. (click on the Smiley Face) I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.

 

Customer: replied 3 years ago.

I believe the amount is now with the unclaimed property with the State of Washington.


 


Does this create a problem??


 


I've tracked down his Mother's Death Certificate and mail from the Insurer to him and his Mother at the address that she lived at, which is the same as the state is listing on the claim.

Should not be a problem if the statutory time for claiming hasn't passed. Just follow the instructions of the unclaimed property division.
Here is some information: http://ucp.dor.wa.gov/claimantContent.aspx
Good luck with the recovery.
I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.
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