Legal Question in Wills and Trusts in Canada
Is Life Insurance benefit part of estate?
Deceased parent had life insurance. Named beneficiary is one of the adult children.
The Last Will and Testament states all adult children receive equal portions from the Estate after taxes and bills are paid.
Is the amount payable from the life insurance policy subject to the equal division of the estate and must the life insurance benefit be split equally among the adult children?
1 Answer from Attorneys
Re: Is Life Insurance benefit part of estate?
Under the laws of Alberta where an individual is the designated beneficiary of an insurance policy and there is no indication that the policy proceeds are to be held in trust the beneficiary is entitled to receive the insurance proceeds and the estate does not have a claim against the fund.
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