"Can life insurance not identify the beneficiary?."

"Can life insurance not identify the beneficiary?."

Many people wonder about life insurance applications in cases where the insured dies without naming the "beneficiary" in the policy or the beneficiary dies first.

In this case, "justice" will play a role immediately.

According to the Code of Law and Commerce, the legal salute is divided into 6 sequences, as follows:

1. Order of justice (by law)

Thai law sequences relatives with inheritance rights (including life insurance money in the absence of beneficiaries) as follows:

1.Descendants: Children (including illegitimate children certified by the father; and valid registered adopted children)

2. Parents: (The father must only be a legitimate father)

3. Brothers and sisters of the same parents

4. Brothers and sisters (half or half)

5. Grandfather, grandmother, grandmother

6. Uncle, aunt, uncle.

Important Note: The (registered) spouse is considered a privileged lawful heir, always receiving a share with the heir in the 1st or 2nd order.

2. The principle "close relatives cut away relatives."

In order to pay the insurance amount, the insurer will pay respectively. If there is a sequence 1 (children) and a spouse, the remaining sequence (3-6) will not be entitled to the payment at all, except for a sequence 2 (parents) who may have joint rights in some cases.

3. Life insurance money "not" inheritance (but heirs receive it)

Here's where people get it wrong most often:

• Posthumous money: By law, it is not property that the deceased had before death, so it is not a direct inheritance.

• But: If the beneficiary is not named or the beneficiary dies first, the law shall regard the money as the property devolved to the "inheritance" of the insured, so that the legitimate beneficiary shall have the right to receive it.

The precaution of leaving it is the duty of "justified."

Anonymizing specific beneficiaries and leaving them as a matter of legal respect has the disadvantages of:

1. Delay: It takes a lot of documents, such as kinship accounts, to prove who is the heir with real rights.

2. Must set a trustee: Most insurers will ask for a "court order appointing a trustee" before paying, which costs and takes time.

3. It may be sued by the creditor: If the money enters the inheritance, the creditor of the deceased has the right to apply for a restraint to pay the debt (but if the name of the beneficiary is clear, it is very difficult for the creditor to touch the money).

Brief summary: If you own the policy, "should clearly name the beneficiary," it is best to get the money into the hands of your loved ones as soon as possible without waiting to prove the heir sequence.

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