[WSBAPT] Life Insurance in insolvent estate

[Roger Hawkes]

Always get a copy of the policy and read it.  I once had a case in which the policy specified that the ‘next of kin’ got the proceeds if there was no named beneficiary.  Thorny issues like what law controls and where was the decedent or other owner when policy was acquired pop up their heads if you have to litigate such questions.

Roger Hawkes, WSBA # 5173

Sultan Office:      423 Main (physical office)
                                 Box 351, Sultan, WA 98294 (incoming mail)
                                 Sultan, WA 98294

Shoreline Office:   19944 Ballinger Way NE
                                  Shoreline, WA 98155

Phone: 206 367 5000; fax: 206 367 4005
Email: roger at law-hawks.com<mailto:roger at law-hawks.com>
Web site: www.hawkeslawfirm.com<http://www.hawkeslawfirm.com/>
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Josh Grant
Sent: Wednesday, August 25, 2021 9:42 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Life Insurance in insolvent estate


If there is no beneficiary then the estate gets the proceeds and must pay valid claims.
48.18.410 reads “The lawful beneficiary” ... shall be entitled to the proceeds and avails of the policy against the creditors... of the insured...
So only creditors of a beneficiary are protected.

Joshua F. Grant
[advocates]
P. O. Box 619
Wilbur, WA 99185
509 647 5578

From: Timothy Lehr
Sent: Wednesday, August 25, 2021 8:59 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Life Insurance in insolvent estate

All,

I have an estate that has two life insurance policies with no named beneficiaries, and otherwise the estate is insolvent. There are some outstanding debts as well. Wondering if life insurance proceeds payable to the “estate” are protected from the estate creditors? When I read RCW 48.18.410, it seems to me they are exempt. Any thoughts or am I missing another relevant statute?

Thanks!

Timothy C. Lehr
Attorney at Law

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p:   360.855.0131
e:   timothy at stileslaw.com<mailto:timothy at stileslaw.com>
w:  www.stileslaw.com<http://www.stileslaw.com/>

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