Legal Question in Wills and Trusts in Illinois
Is a insurance policy with a beneficary named a substitute for a will?
My sister in law was murdered in jan 2004. She had no spouse and no children . Her survivors are 3 brothers and a mother still lives. At the time of her death my husband was providing for a home for his entire family to live in rent free. There was no will left, only an insurance policy naming the youngest brother 26 years old at the time, and my 7 year old son(her nephew, godson). Is the victims mother entitled to any part of the money left in that insurance policy? Is my son ? or any of the siblings? What is the statue of limitations if this is a good case for probate???? The amount is two hundred thousand dollars.
1 Answer from Attorneys
Re: Is a insurance policy with a beneficary named a substitute for a will?
Hello. Based upon the information that you have
provided, only your 7 year old son and youngest
brother-in-law are entitled to the proceeds of
this insurance policy. The insurance company will want a minor's estate opened for your son,
before it will release his share of the proceeds.
Your youngest brother-in-law will receive his
share of the life insurance proceeds without any
red tape since he is an adult. The insurance
policy is separate from your sister-in-law's
estate. However, if she had assets of $200,000
independent of the insurance policy limit, then
an estate should be opened as soon as possible. Probate allows creditors to recoup money that is owed them by filing a claim against an estate within 6 months of it being opened.
This is an instance in which you should have
a lawyer to open the minor's estate and if neces-sary, to open an decedent's estate in connection with the business affairs of your sister in law. Will be happy to discuss this with you further.
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