Q: What to do with life insurance policies?
My mom left three insurance policies. One for me and one each for two other family members. What if someone cannot be located? I am the sole beneficiary of her estate.
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- California
- (916) 704-3009
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- Answered
A:
Under California law, if a beneficiary of a life insurance policy cannot be located, the proceeds of the policy may eventually be deemed unclaimed property. The insurance company typically has a duty to make reasonable efforts to locate the beneficiary.
If, after a certain period, the beneficiary cannot be found, the insurance proceeds are turned over to the California State Controller's Office, which then holds the funds until the beneficiary can be located or makes a claim. As the sole beneficiary of your mother's estate, you should notify the insurance company of the situation and provide any helpful information you might have about the beneficiary's whereabouts.
If the beneficiary truly cannot be located, you may wish to consult with an attorney regarding potential claims or rights you may have under the terms of the policy or estate. It's also crucial to carefully review the insurance policy documents and the terms of your mother's will or trust, if one exists, to ensure compliance with her wishes.
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