Lawyer Huang Huili’s legal mailbox (7)

Lawyer Huang Huili’s legal mailbox (7) 1. Question: My first wife passed away due to illness 2 years ago, and I remarried last year. I have two adult children in the United States, and also...

Lawyer Huang Huili’s legal mailbox (7) 1. Question: My first wife passed away due to illness 2 years ago. I remarried last year. I have two adult children in the United States and own real estate. My new wife has an adult son and a house in Taiwan. We plan to travel to China recently. What preparations should we make? Especially regarding marital property and inheritance issues in the United States. Answer: You and your remarried wife should make a will, property power of attorney, medical power of attorney and other documents in advance to avoid any surprises, so that relatives and family members can follow them and do not have to waste time and effort to deal with property inheritance issues. Generally speaking, the main residence of a couple, if there is no other arrangement, should generally belong to the joint property of the couple. In this case, the residence you shared with your deceased wife automatically legally becomes yours due to her death. But if you remarry, your current property will most likely become joint property between you and your second wife. If you have not made any will, if something happens to you and your second wife, it is very likely that your two children and the second wife’s son, or even your parents, and the parents of the two wives will have the right to inherit and distribute your estate. 2. I want to buy insurance for my mother-in-law, with me as the beneficiary. He has a work card but no status. I have status. Will the insurance company sell my mother-in-law insurance? If I buy U.S. insurance and pass away in mainland China later, will the insurance company pay compensation? Answer: To buy life insurance in the United States, you must have legal status. This status includes citizens, green card holders, or people with legal passports and visas. If you are not a citizen, do not have a green card, do not have a legal passport and visa, and do not have any documents, the insurance company is unlikely to sell you insurance, because without documents, there is no way to verify your name, gender and age. If you have no identity, if something happens to you, it will be very troublesome to file a claim. If you have a citizen or a green card, or are in the process of applying for a green card, it is easier for this kind of person to buy insurance. There is also a group of people who enter the United States for a short-term stay on official business, tourist visas, etc. They can also buy life insurance in the United States. Some insurance companies also do business for these people. As long as they hold a valid passport and visa, they can buy life insurance in the United States. Many mainland Chinese people will consider buying an American life insurance when traveling, investing or doing business in the United States. The advantage is that life insurance in the United States is the most standardized and cheapest in the world. In terms of insurance premiums, insurance premiums in mainland China are five times higher than those in the United States. Moreover, American insurance companies are very trustworthy and will definitely pay out money if you die, and the claim settlement procedure is simple and fast. Whether the insurance company will pay the claim. Once the insurance is approved, you accept the insurance and pay the premium, the policy becomes effective. As long as you pay your premiums on time, or the cash value on the policy is sufficient to maintain the policy, or the policy has been paid off, your insurance is valid. If you unfortunately pass away, the insurance company will pay the claim. The claim settlement process is very simple. Fill out the insurance company's claim form and attach the death certificate. The insurance company will usually pay out the money within 10 to 20 days after receiving the form and documents. When buying insurance in China, you will never lose money for fraud or suicide, but in the United States, life insurance contracts have a two-year incontestability period. If you commit suicide within two years, the insurance company will not pay money, but will return the premium paid to the beneficiary. So if the policyholder dies within the first two years, the insurance company may investigate the cause of death and whether it was suicide. At the same time, if the policy holder passes away within two years, the insurance company may also investigate whether the policy holder made any major concealment or forgery when applying for insurance. If there is a major concealment or personal information such as identity fraud, the insurance company may deny compensation. Of course you can go to court and litigate. Once the two-year period has passed, the insurance company will generally not ask how you died, and will usually compensate you.