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Originally Posted by underscore
Wills or life insurance policies or what have you.
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I don't know about life insurance but for wills, if the order of death is unknown then it is presumed that they both predeceased each other. If a beneficiary dies before the willmaker, their gift lapses.
There is also a 5-day rule where a beneficiary under a will has to survive the willmaker by 5 days in order to receive a gift under the will. So if the willmaker dies and a beneficiary dies 2 days later, the beneficiary does not get anything.
edit: the will goes into intestacy if there are no more beneficiaries... so then it will pass to kids, etc after taxes and debts are paid out.