Legal Question in Wills and Trusts in Ohio
insurance policies and wills
My mother recently passed. She had 2 children and 2 step children. Her husband, my step dad, told us about insurance policies that she had. He is labeled as the beneficiary on all the policies. There are $285,000 total in three different policies, and one policy of $500,000 in a business insurance policy. My step father states that all the policies/monies are his, but hey will give us a small amount. They both own a company which is an LLC. They are 51/49 in ownership. What are my sister and I entitled to if their is any entitlement at all?
1 Answer from Attorneys
Re: insurance policies and wills
In general, insurance policies are contracts and pass outside of the probate estate. The money is paid to the named beneficiary(ies), and they generally are not subject to question by anybody else.
You don't say how long you mother and step-father were married or were in business together. You also don't indicate whether there was a will or whether you mother's shares in the LLC are subject to a buy-sell agreement or were bequeathed by the will.
You should gather as much documentation as you can and consult a local probate attorney. There seems to be a significant amount of money involved here.
Paul
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