Executor of State
When someone creates a will they normally name an executor of state to handle there affairs once they have passed on. An executor is given the responsibility to handle all matters of the deceased persons property, both personal and including land and dwelling, once the taxes are paid. They make sure that the will is upheld and personal property is divided to whom the will states it goes to. They also have the responsibility in filing all the necessary paperwork with the state about the death and notify creditors, banks, Medicare, and any other party that the individual did business with.
Life Insurance Policy
Only the beneficiary or executor can get information from the life insurance company concerning the deceased and the policy they held with that particular company. When acting on behalf of the deceased as the beneficiary, the life insurance company will send claim forms to be filled out and then returned in order to start the process on receiving the life insurance benefit.
If you are the executor, you will have to provide the insurance company with a copy of the death certificate and legal documents stating you are the one to be acting on there behalf. If by chance the deceased didn’t put anyone down as beneficiary, then the proceeds automatically go into the deceased estate. The executor then at his/her own discretion can pay any and all bills or taxes the deceased left behind. Once all taxes and bills are up to date, then the executor can start distributing the property as the will states.
If no one was named on the will to inherit what was left behind or if there was no will at all, then the property is divided up like this. The executor of the deceased will pay all taxes out of the estate during the probate process. Then 1/3 of the property will go to the spouse if the spouse is surviving, then 2/3 of the property is split between the children. If there is no surviving spouse, then all of the estate will be divided between the children. And if there are no children, it will automatically go to the next of kin.