Legal Question in Wills and Trusts in Michigan
Life Insurance
My father passed away last month. His estate is going thru probate. His will states that everything in the estate is left to his children (of course not including things in his wifes name). If he had a life insurance policy that named his wife as the beneficiary, would this policy still show up on the estate inventory? In other words, would life insurance policies, accounts, etc., that have beneficiaries listed have to go through probate, & if not, do they still show up on the estate inventory or do they slide by unaccounted for? My dad had a life insurance policy w/ his wife's name on it. The intention was for this to cover funeral expenses w/ the balance going to her. We have a feeling that she's paying for the funeral out of the estate (our share) and cashing in the policy for herself. Just wondering if this policy will show up on the inventory or if she can act as though it didn't exist. Also, how can we find what life insurance policies my dad had? He indicated on a spreadsheet that he had a life insurance policy for a specific amount, but didn't say who it was through. The executor's attorney has not been able to locate this policy. Will it just go to waste, or can we perform a search to find it? Thanks.
1 Answer from Attorneys
Re: Life Insurance
Life Insurance Policies with named beneficiaries pass to the beneficiaries outside of probate and are not included on the probate inventory. If, however, the decedent's estate is the beneficiary of the policy, then it is part of the probate estate and listed on the inventory.
There is a Company who charges about $300.00 to search over 2,800 insurance companies for a decedent's policies. I cannot remember the name of the Company. You could do a search on the internet for them.
Our firm specializes in probate matters and often represents estate beneficiaries. Feel free to contact us if you need further assistance.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
