FAQ Friday: Collecting on Beneficiary Designations

On Friday, July 19th, attorney Steven M. Berger discusses how to collect on beneficiary designations.

First step is to contact the company directly whether it’s a life insurance policy or a brokerage account and send them a copy of the death certificate. They will typically then send you a claim form and once completed and returned, they will mail you a check.

It can often not be that easy. Some will require confirmation by the executor or the spouse. They also may not tell you even if you are a named beneficiary. Once that is confirmed though they will send you the form. They may require a medallion guarantee or online verification.

When no beneficiary has been listed, 90% of companies will pay it directly to the estate officiating the need for probate.

It can be complicated and our office is happy to assist in the event you need someone to help navigate this process.

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