What Happens When There Is More Than One Beneficiary Listed On A Life Insurance Policy, And Who Receives The Money?
When there are more than one beneficiary listed on a life insurance policy, the policy should define who is to receive the funds. If one individual were listed as the primary beneficiary, that person would receive the funds and distribute the funds accordingly.
Certain wills and living trusts appoint an administrator of the will to collect the funds from insurance policies and other assets and distribute them according to the deceased instructions.
When there is a dispute as to who should collect the funds of an insurance policy that has multiple beneficiaries a copy of the policy should be requested from the insurance company. It may be in the best interest of the disgruntled beneficiary to seek the advice of an attorney.