[WSBAPT] Life Insurance

[Ralph Maimon]

I am asking Penn Mutual for the definitional section to see if "owner" is defined.

Ralph Maimon
LAW OFFICE OF RALPH MAIMON, P.S.
2811 E. Madison Street, Suite 202
Seattle, WA 98112
(206) 323-0911 Office
(206) 462 1505  Fax
rmaimon at maimonlaw.com<mailto:rmaimon at maimonlaw.com>
www.maimonlaw.com

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Eric Nelsen
Sent: Friday, May 22, 2015 11:16 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Life Insurance

I think I agree, assuming the owner of the policy is also the insured life.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1320 University St
Seattle WA  98101-2837
phone 206-625-0092
fax 206-625-9040



From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Ralph Maimon
Sent: Friday, May 22, 2015 10:46 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Life Insurance

LIstservers,

The deceased purchased a small life insurance policy naming his first wife as primary beneficiary and did not name a secondary beneficiary.  She predeceased him.  The subject language of the policy reads:
"The interest of any beneficiary who dies before the Insured shall vest in the owner unless otherwise provided"
I am inclined to say that the proceeds of the policy, because they go back to the owner/insured, are probated as part of his estate.
Thoughts?

Ralph Maimon
LAW OFFICE OF RALPH MAIMON, P.S.
2811 E. Madison Street, Suite 202
Seattle, WA 98112
(206) 323-0911 Office
(206) 462 1505  Fax
rmaimon at maimonlaw.com<mailto:rmaimon at maimonlaw.com>
www.maimonlaw.com<http://cp.mcafee.com/d/1jWVIp6gUe6jqb3ara9EVd79EVKrKrhKOOYNtZxcSztBBVyXVEVhdETppuoK-MOrhKOOYNtN54T5npaRw2BtAHm1-CendGX9mI3ZcsKrvt73DnTT-LPbVEVu76zC_nKnjjd7av3D64PhOYqeumKDp55mZSul3PWApmU6CQjq9KVKVI04HIBqMfQNOVINgxGQOV2Hsbvg57OFeD6a4dyIJfBPqbbPPNI5-Aq83iS0EMcy0m19Ftd40lAXVEw3okrzIburj76SXypt3DkWXkF>


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