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  1. #1
    Join Date
    Sep 2014
    Posts
    2

    Default Who Receives the Insurance Payout After Damage to Inherited Property

    My question involves real estate located in the State of: arkansas,


    my mother moved into her parents house after they passed. I have never seen any legal documentation of this however the property in question was land and a house that was to be split three ways between her and her two brothers. she took ut and has paid for an insurance policy since 2003 on the house.

    It recently burnt down and now the other members are saying the insurance money should be split among them.

    My question is since she paid and took out the poilicy in her name doesnt that money belong to her?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Who Has Rights on Insurance Policy Party That Took It Out or Parties That Own Pro

    rights to what? the benefits or to control it?

    and what does this have to do with a life estate?

  3. #3
    Join Date
    Mar 2013
    Posts
    17,612

    Default Re: Who Receives the Insurance Payout After Damage to Inherited Property

    Quote Quoting kgarner1975
    View Post

    My question is since she paid and took out the poilicy in her name doesnt that money belong to her?
    Has the insurance company already paid her?

  4. #4
    Join Date
    Oct 2006
    Posts
    15,983

    Default Re: Who Receives the Insurance Payout After Damage to Inherited Property

    Quote Quoting kgarner1975
    View Post
    My question involves real estate located in the State of: arkansas,


    my mother moved into her parents house after they passed. I have never seen any legal documentation of this however the property in question was land and a house that was to be split three ways between her and her two brothers. she took ut and has paid for an insurance policy since 2003 on the house.

    It recently burnt down and now the other members are saying the insurance money should be split among them.

    My question is since she paid and took out the poilicy in her name doesnt that money belong to her?
    The insurance money should be used to replace the home that burned down. If there was still a mortgage on the home its absolutely required.

  5. #5
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Who Receives the Insurance Payout After Damage to Inherited Property

    She was either insuring the entire interest of all 3 since she lived there and the money should be equally divided or she committed insurance fraud by insuring property she did not own but representing her 1/3rd as the whole. In the latter she owes an insurance refund of 2/3rds to the insurance company. As a tenant , she is responsible if her actions caused the fire. If she has a life estate, she is responsible to restore the property to its prior state or pay off the owners.

  6. #6
    Join Date
    Sep 2014
    Posts
    2

    Default Re: Who Has Rights on Insurance Policy Party That Took It Out or Parties That Own Pro

    my mother took out a policy on the house, it burnt down, now everyone wanting the money from the insurance that they never paid on, land and house was in a trust but no one can come up with any paper work. i checked and everything (property still in her parents name) but insurance policy is all in her name and yes they wrote a check to her but she hasnt cashed it because her
    brother and brothers heirs wanting a cut of the check

    - - - Updated - - -

    thanks all i needed to know, i dont speak to her anyways (not because of thise) but trying to keep family from in fighting.

  7. #7
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Who Has Rights on Insurance Policy Party That Took It Out or Parties That Own Pro

    If the property was not conveyed to the trust, then it is part of your grandparent's estate. We have no information about the estate, whether it was probated, whether there was a will that included a pour-over clause that might have conveyed the real estate to the trust. We have no information about the trust, trustee, trustee's defined duties.....

    Tell mom to gather up the relevant documentation and have it reviewed by a probate lawyer. If you don't speak to your mother, suggest that the other heirs gather up the relevant documentation and have it reviewed by a probate lawyer.

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