QUESTION
If I received a life insurance check after my grandmother's passing, do I have to give it to the executor to put in the trust?
Asked on Sep 07th, 2016 on Wills and Probate - Tennessee
More details to this question:
My dad, 2 brothers and I are beneficiaries of my grandmother's estate. We are the beneficiaries of the will and at least one life insurance policy that we have already received checks for. The executor is telling us we have to give those checks to him to put into our trusts accounts. From what I've read, since the insurance policy states the 4 of us as the beneficiaries and they sent us our checks then that keeps this insurance policy from being a probate item because it states who gets it? Is this right? So we aren't legally obligated to hand it over?
1 ANSWER
You are correct. If you life insurance policy named you, your brothers and dad as the beneficiaries of the policy, then the proceeds of that insurance policy go directly to you, your brothers and dad and are not included as an assest of the estate. Therefore, you not have to turn it over to the estate.
Answered on Sep 07th, 2016 at 11:51 AM