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October 19, 2009

Is life insurance payout community property?

By admin in Dallas Life Insurance | 2 comments

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Is life insurance payout community property?

my son died a few months ago and i was sole beneficiary on the life insurance policy. i am married and living in texas. if i get divorced, is the money from my sons (son is from my first marriage) policy community property? is my husband entitled to any of it?

i know in texas inheritance is NOT community property, but i wasn't sure about life insurance benefits.

thanks

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2 Comment(s)

  1. admin | Oct 19, 2009 | Reply

    No, assuming the payout is ONLY to you, and you keep it in a seperate account in just your name.

    Any inheritance or gift specifically to ONE person – and the life insurance procedes could be considered either – are NOT subject to community property.

    I'm not a Texas lawyer, so you'll want to get confirmation from one. But I AM a Texan.

  2. admin | Oct 19, 2009 | Reply

    it is sad to hear that your son died. the emotional burden on you is more than I can understand.

    i'm told that life insurance in this case is not community property — your husband was not part of the community relating to the policy and thus has no interest in the proceeds.

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