Legal Question in Wills and Trusts in New York
My father died in n.y. and I am the sole living remaining son beneficiary on his met life $5,000.00 whole life insurance policy.
Dad will be cremated and the funeral home accepts full payment from the Met Life policy. I am to receive the net proceeds money difference in the form of a check from Met Life.The funeral home said they would help me with the paper work and death certificate, but i need to know when I get the Met Life check made payable to me, is it exempt from probate, as the estate will be going into probate soon.
Does anyone know how long it would take to receive the check after what is needed is submitted to Met Life?
Thanks so much.
1 Answer from Attorneys
Q. but i need to know when I get the Met Life check made payable to me
A. Generally, if you are the beneficiary of a life insurance policy, you would simply have to complete the insurance company's internal form and submit a dealth certificate. I would directly contact Met Life. The time for payment by the insurance company is usually several weeks.
Q. is it exempt from probate, as the estate will be going into probate soon.
A. Yes. The funds received from the life insurance policy is not subject to probate.
Mike.
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