Legal Question in Wills and Trusts in California
Probate
Mom has an insurance policy with daughter as benficary, no contingent beneficary is named. Mom died and the daughter died three days later. The Insurance companies needs letters to release the money. Mom had a living trust with assets listed to the trust, and the daughter had a living trust. In California do we need probate? What kind of probate? If we need some kind of probate/avidavit/is it on the mom or the daughter?
2 Answers from Attorneys
Re: Probate
Unless the life insurance policy has some sort of survivorship clause, which I doubt, I would say this is an asset of daughter's estate. Thus, if daughter has more than $100,000 in assets (including this life policy) she will need a full probate. Call me if you want to discuss in more detail. -John
Re: Probate
The insurance policy is part of the daughter's estate as policies with named beneficiaries pass outside of Probate.
I would recommend settling both estates, perhaps with the same council as they do seem to be intertwined. I can only assume mother named daughter as a beneficiary so that estate should probably be settled first, then the daughter's.
If you would like to discuss this matter in a private forum, please feel free to email me at the address provided by LawGuru or through our firm's site at PasadenaEstatePlanning.com
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