No will, but beneficiary to insurance is adjectives statute wife not children, who get the money?
Answers:
Whoever is named as beneficiary on the policy - which according to you, is the wife.
Insurance go to the beneficiary you name. The will cannot cash the obligation that the insurance company have to you under contract.
These days, like mad of insurance benefits will be paid out to total strangers, because family are being sold insurance for 'investment purposes' for investors.
I hold done this myself in former times when I received a lump sum payment to put up for sale the policy to an investor. It was going to lapse anyway, and I thought it to be a appropriate idea. Now in that is someone I don't even know who will be a beneficiary to that insurance.
Huzzah!
Insurance is a business contract. Only the named beneficiary can collect the stipend. But you may want to read the fine prints on the particular insurance you're conversation about.
When my dad died 5 years ago (no will) it turned out he'd never changed his beneficiary on his insurance from the 70's and my mom be still named (his commonlaw at the time, they never married, and they split within the 70's) . She got the $, no hassle, no problem, and split it equally next to us kids.
I'm no expert, but I believe the 'estate' go into probate, then the state decide who gets what. Normally creditors will achieve paid first.
http://en.wikipedia.org/wiki/probate#ste... explains a bit of that process.
A adjectives law wife is alike as any other wife it is just a strange piece a few states have. Beneficiaries go and get insurance and some other assets will pass to unified owners. If you wife can't prove she is a common statute wife she may not get other assets they would jump to next of kin or doesn`t matter what state laws you own.
You should get a will to be sure you wishes are honored. I don't know if you can marry surrounded by a court or church if you are already married common decree but if you can you should.
I am lucky my state doesn't have adjectives law wedding so we know if we didn't get married we aren't married.
I hold been shacking up 21 years but wouldn't want to be a adjectives law wife.
Life insurance avoids probate. No need for a will for the existence insurance The beneficiary will get the money