When a loved one passes away, families in Oro Valley, Arizona often have to go through probate to settle their estate. One important thing to understand during this process is how insurance policies are handled.
Do Insurance Policies Go Through Probate?
In most cases, life insurance and accidental death insurance do not go through probate. That’s because these policies usually name a beneficiary, such as a spouse, child, or another family member. The money goes directly to that person without court involvement.
However, if the estate is listed as the beneficiary instead of an individual, then the insurance proceeds must go through probate. This can delay the release of funds and make the process longer.
Why Insurance Matters During Probate
Here’s why understanding insurance is important in Oro Valley probate cases:
- ✅ Faster Payouts: Properly named beneficiaries receive money directly.
- ✅ Estate Debts: If the estate is the beneficiary, the money might be used to pay off debts or taxes.
- ✅ Asset Protection: Keeping home or auto insurance active during probate protects valuable property.
- ✅ Executor’s Duty: Executors should review all insurance documents early to avoid delays.
Tips for a Smooth Probate Process
- Review all insurance policies and make sure beneficiaries are up to date.
- Keep all documents in one safe and easy-to-access location.
- Consult a probate attorney or Realtor® familiar with Oro Valley estates for advice.
Need Local Help in Oro Valley?
If you’re managing an estate or going through probate in Oro Valley, Arizona, having a local expert can make the process easier.
Contact Ryan Comstock, your trusted Realtor®, for guidance on real estate and probate-related matters.
📞 Phone: 520-261-4669
🌐 Website: www.ryancomstock.com
📧 Email: ryancomstock@ryancomstock.com