Clifton Park, NY asked in Probate and Estate Planning for New York

Q: What should I do with old insurance policies on my grandfather that I found among papers in my parent's estate?

There are three insurance policies, dated 1947, that my maternal grandmother had in which her husband was the beneficiary. In the event of his decease, the benefit would go to her eldest son. That son is also deceased, as are all the other children of my grandmother. However, the wife of that uncle is still alive. I called her up and offered to give her the policies, but she wasn't interested. I wrote to the insurance company and asked if these policies were still in effect, but so far, I haven't received a reply. Now I am wondering what to do with them or if they are still any good. What would be the best course of action?

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2 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • Probate Lawyer
  • New York, NY
  • Licensed in New York

A: Call the companies and see if they were cashed in. Likely they were. You do not need to show an actual policy to cash in.

1 user found this answer helpful

Lawrence Allen Weinreich
Lawrence Allen Weinreich
Answered
  • Garden City, NY
  • Licensed in New York

A: What you should do is contact the insurance companies directly to see if the policies were ever paid out. If they weren't, you need to find out if they were still in force on the date of death. If they were, a probate proceeding would have to brought on to have someone appointed as the administrator of the estate and determine who will get the proceeds of the policies.

1 user found this answer helpful

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