QUESTION
Am I signing over the rights of my father’s insurance money if I sign the nomination of personal representative?
Asked on Feb 14th, 2014 on Estate Planning - Oregon
More details to this question:
My father died and my aunt wants me to sign the paper that makes her the personal representative of his estate. If I sign them am I signing over rights to the insurance money?
11 ANSWERS
Business Attorney serving Orem, UT
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Kirton & McConkie A Professional Corporation
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No-the insurance proceeds are likely not even subject to the probate proceedings. Whoever was designated as the beneficiary of the insurance policy would get the proceeds and the personal representative would have no claim or authority over the proceeds.
Answered on Feb 20th, 2014 at 4:14 AM
2 Awards
Generally no, but why are you not probating your father's estate? If you can, you should as it will go to you and your siblings anyway as it seems he died without a will. I strongly suggest you see an attorney. Probate fees don't get paid by you, they get paid by the estate, so cost should not be a factor in your decision.
Answered on Feb 20th, 2014 at 4:13 AM
Edwin K. Niles
1. If the ins. policy had a named beneficiary, the proceeds go to that person. 2. If no named bene, it becomes part of the estate, and your aunt wants to administer the estate for the benefit of all who will inherit. Is she trustworthy? Can you be the administrator?
Answered on Feb 20th, 2014 at 4:13 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You shouldn't be. If you are the beneficiary of the insurance, the money should go to you, not the estate. Take the form to a local attorney and ask him or her what it means.
Answered on Feb 19th, 2014 at 7:24 PM
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No. Insurance monies are paid to the names beneficiary. If none, then the estate is the beneficiary. As the PR she is not a beneficiary. She is just in charge. If you are unsure, have an attorney review what you are being asked to sign.
Answered on Feb 19th, 2014 at 6:56 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Suggest you obtain the services of a probate attorney to represent you, and maybe have you appointed the administrator of your father's estate; the facts you state sound suspicious; get legal advice. An ounce of prevention is cheaper than a pound of cure.
Answered on Feb 19th, 2014 at 6:54 PM
No. All you are doing is telling the probate court that you don't want to serve as the personal representative of your father's estate and that you don't have any objections to the court naming your aunt to that position.
Answered on Feb 19th, 2014 at 5:41 PM
Anna Tarasyuk
Insurance policies are generally assets that pass by beneficiary designation. If you are named on the policy, then then proceeds go to you. If the policy does not have a named beneficiary, the policy proceeds will generally pass to the heir at law, in this case you, as the biological child (assuming that is the case), however, there may be situations where the proceeds become part of the estate and are used to pay the final bills. The personal representative (also known as the executor if there is a will) is the person who is in charge of figuring out what the estate consists of, probating the estate if necessary, and overseeing the proper distribution of the estate assets, among other things. The personal representative does not have the authority to change the way in which assets are distributed.
Answered on Feb 19th, 2014 at 5:29 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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No. Insurance proceeds pass to beneficiaries, not to the estate. If there are no beneficiaries named, then the estate would normally be entitled to the funds. Agreeing on who the PR should be has no bearing on who receives estate assets.
Answered on Feb 19th, 2014 at 5:21 PM
The answer to your question may depend upon several things. Typically, your father would have named specific beneficiaries of his insurance policies. If so, the named beneficiaries would get whatever payout the policy required outside of the control of the personal representative and the probate court. If your father made a will, he may have named your aunt as his choice for personal representative. If so, there may be no reason for you to sign any paperwork nominating her. If he died without having made a will, you have a better claim to serve as personal representative than your aunt.
Answered on Feb 19th, 2014 at 5:21 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You shouldn't be, unless the document also says you are. The personal representative is a fiduciary, with control of estate assets but no additional rights to any of them, other than what is given in the will. Usually life insurance is paid to named beneficiaries, and the personal representative has no power at all over those funds. If the insurance is payable to the estate, it should still be distributed per the will. Incidentally, the personal representative is entitled to a fee, which is calculated by statute.
Answered on Feb 19th, 2014 at 5:17 PM