Legal Question in Wills and Trusts in New Jersey

Re: Life insurance

Generally life insurance proceeds are not considered as part of the probate estate and would not be included in your inheritance under the Will.

Those persons named in the will as remaindermen or who receive a stated percentage of the estate are entitled to a full accounting from the executor. If the accounting is not forthcoming, you can file a complaint to compel the executor to account.

Re: Life insurance

Generally, life insurance proceeds pass outside the estate to the beneficiary named in the policy. One exception is where the deceased is the beneficiary of the policy. One of our clients who perished in the World Trade Center attacks had employee group policies that named her as the beneficiary. These proceeds are considered property of her probate estate.

If you are named as a beneficiary of the estate, you have a right to demand that the executor or exectrix provide you with a full accounting of the estate. If that information is not produced, you can file a Complaint to compel an accounting.

If you have any questions, please contact our firm, LoFaro & Reiser, L.L.P., at 201-498-0400.

Re: Life insurance

As long as the policy has a "named beneficiary", the policy will pass "outside the estate".Anyone named in the will ha a right to a copy of it (obtained from the surrogate's office). The executor has an OBLIGATION to provide an accounting to all beneficiaries--who must approve it, ie-sign off.