Legal Question in Wills and Trusts in New York
sole beneficiary of life insurance
I was named sole beneficiary of a 10,000 life insurance policy.My mother's will states that all of her assets are to be divided among all 6 siblings.Would this policy be included as part of her assets?
3 Answers from Attorneys
Re: sole beneficiary of life insurance
No.
Re: sole beneficiary of life insurance
No. Payments to beneficiaries under life insurance are not part of the estate. The money is all yours.
Re: sole beneficiary of life insurance
Both prior answers are correct, if you are the sole named beneficiary under the policy beneficiary designation. The policy beneficiary designation supercedes anything contained in the Will. This answer presumes there were not any agreements or understandings between you and your mother on how the policy proceeds were to be used, and were solely intended to belong to you.
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