Legal Question in Wills and Trusts in Illinois
Must I disclose policy amounts?
My father passed away last year. He had five small insurance policies. When these policies were taken out(20+ years ago), my Mom was the primary beneficiary(she passed away in 1991), and I was secondary beneficiary on two of them. I'm the executor of the estate. The two insurance companies paid me for the policies that I was beneficiary of. The two insurance companies that my Mom was beneficiary of, they paid to the estate, and I deposited the monies in the estate account. This is just one more thing my siblings are fighting about...that I got the proceeds from two policies. Question: Legally, do I have to disclose the dollar amount of the policies that I was beneficiary of?
1 Answer from Attorneys
Re: Must I disclose policy amounts?
The insurance policies proceeds are your money. The proceeds are a contractual obligation of the insurance company to pay to you upon the death of the insured. You have no obligation to say or pay them out of those proceeds.
Your obligation is to do the estate work in a fair manner according to te will. An able lawyer can help you through the rough spots. I am available to help you in this matter.
Michael
773 772-8989
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