Unfortunately, one of my relatives passed away about a week ago. I, along with my two siblings were the beneficiary's on his Life Insurance Plan. According to his will, we are to inherit the money from his life insurance and from his house once it gets sold. I know the house would probably take a while, but how long does the Life Insurance usually take?
Answer:Life insurance and estates (wills) are separate things. Life insurance operates outside of the will – unless the estate itself IS the named beneficiary. The life insurance benefit is paid directly to the named beneficiaries – usually within a few weeks after the proper claim documentation is submitted.
As for the estate (will), that usually takes many months to settle.
Answer:Well, you don't "inherit" if you are the beneficiary.
And the will has NOTHING to do with the life insurance. The life insurance pays out the named beneficiary, within about 10 days of all the paperwork being received.
Inheriting money from the estate, though, can take a while – usually at least six months, to years.
http://www.answerscool.com/how-long-does-it-take-to-inherit-life-insurance.html
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Quite simply, create a Life Insurance Trust for your policy, it does not cost any extra money and only takes an extra half hour to set up. When the policy holder dies, it pays out within a week or two and bypasses probate. With probate it can take months or years before you see the money, so take up an insurance trust, it’s the right and easy option to take.
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