After your death, how long does it usually take for the beneficiary to receive your benefits?
My Father In law just passed away and I am curious on the matter of his retirement pension.6 years ago - 4 answers
Presuming the retirement pension had a "life certain" or "life benefit" it should pay within the next 30 days or so. This will truly depend on the financial position of the fund itself. Generally speaking, the higher the financials the more likely that payments will cost sooner. There will also be an angle presented with jurisdiction which may or may not require payments within a certain timeframe.6 years ago
.The extent of the estate,the number of survivors, the will , codicils if any , the Probate Court are all factors in determining when beneficiaries will get their inheritance.by googie - 6 years ago
Well, his wife is automatic beneficiary. And if he doesn't have a wife, "pension" isn't inheritable after that.
She'll need to contact the administrator, and they should get it switched over within about a month.
Source(s)by mbrcatz17 - 6 years ago
Pension plans are all different.
1. End at death. These will be done with the death of the person drawing the pension, period. They will not pay anyone else any amount of money.
2. Dual named pensioners. These will continue paying to the second named person until his/her death. The pension amount may drop or could stay the same but will end with the death of the second person and will not be paid to anyone else.
3. Guaranteed payment for set term. These can have a minimum guaranteed payout term; typically 10 years. If the retiree/secondary beneficiary both die before the end of the guarantee period, the pension will pay to another person with either a lump sum for the remaining time or until the end of the term is met.
The only way to know is for the executor of the estate to contact your father-in-laws former employer to see what the payment terms were for the pension.
Source(s)by JJ - 6 years ago