We Have All The Tools Necessary To Help You

Request A Consultation 646-561-9099 Contact Us For A Complimentary Consultation
View Our Practice Areas

Can insurance policies be lost?

As estate administration attorneys, it is very interesting to see what family members learn about someone after they pass away. Perhaps there are long-standing, clandestine relationships or personal achievements the deceased was too humble to share. Regardless of the family secrets that come out when a loved one passes away, insurance information should not be one of them.

Suffice it to say, insurance coverage can be one of the many things that “gets lost” when a loved one passes. This could be because family members never knew that premiums were still being paid (and coverage still applied) or the insurance company never notified beneficiaries or next of kin that benefits were available.

It is not uncommon for a family member to carry insurance sponsored by a bank, credit union or former employer that loved ones may not know about. This often happens because the details of such policies are often not mentioned specifically in a will.

Because of this, an experienced estate administration attorney can help to ensure that valuable policies are not lost in the chaos of laying someone to rest. A skilled lawyer can consult large life insurance databases to check if any surviving policies apply. But in the absence of such a database, finding such policies may be difficult.

To help in avoiding this situation, perhaps an insurance policy can be owned by a revocable living trust or an estate tax resistant irrevocable life insurance trust. If you need more information about these instruments and how they can help in administering an estate, an experienced attorney can advise you.

No Comments

Leave a comment
Comment Information
Email Us For A Response

We Can Help

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Address

Busson & Sikorski, PC
381 Park Avenue South
Suite 615
New York, NY 10016-8806

Phone: 646-561-9099
Fax: 646-365-5323
Map & Directions