QUESTION
I have a family member that passed away and I want to know what all needs to be revealed to be included in the total value of her estate
Asked on Mar 30th, 2013 on Wills and Probate - New Jersey
More details to this question:
My family is having an issue with the person who was appointed to be executor of the will. what i need to know is, (2 part question) If a life insurance policy was left to a sibling does that sibling need to tell the executor how much it is? and turn the money over to be included as part of the value of the deceased's estate? Also is an appraiser needed to go through the deceased's home and take inventory of everything and caculate the total value of all the contents of the home and add it to the value of the estate? The home has been left to other family members in the deceased's will.
1 ANSWER
2 Awards
If a life insurance policy is left to anyone, the person to whom it is left, the beneficary, does not need to inform the executor about the value of the policy. The proceeds are not subject to estate taxation, and there is no need for the executor to know - its not an estate asset, can't be used to satisfy estate debts, etc. If the home and the contents were left to other family members, then the home and contents can be turned over to those family members, Sometimes the will does not specificy who is to receive the contents and if there is a controversy, then everything gets valued, and possibly sold, and the proceeds of the sale distributed to the beneficiaries.
Answered on Mar 30th, 2013 at 10:05 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship