40-441. Designation of trustee under will as beneficiary of life insurance policy. - Kansas Statutes

40-441

Chapter 40.--INSURANCE Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES

      40-441.   Designation of trustee under will as beneficiary of lifeinsurance policy.A policy of life insurance may designate as beneficiary a trustee ortrustees named or to be named by will, if the designation is made inaccordance with the provisions of the policy and the requirements of theinsurance company. Immediately after the proving of the will the proceedsof such insurance shall be paid to the trustee or trustees named therein tobe held and disposed of under the terms of the will as they exist at thedeath of the testator, but if no qualified trustee makes claim to theproceeds from the insurance company within one (1) year after the death ofthe insured, or if satisfactory evidence is furnished the insurance companywithin such one-year period showing that no trustee can qualify to receivethe proceeds, payment shall be made by the insurance company to thosethereafter entitled. The proceeds of the insurance as collected by thetrustee or trustees shall not be subject to debts of the insured andinheritance tax to any greater extent than if such proceeds were payable toany other named beneficiary other than the estate of the insured. Nothingin this section shall be construed as invalidating previous life insurancepolicy beneficiary designations naming trustees of trusts established bywill.

      History:   L. 1970, ch. 178, § 1; July 1.