Legal Question in Wills and Trusts in Texas
Life Insurance Proceeds
My father passed away in Sept. '05 and he had put me as the only beneficiary on his life insurance. He said he wanted me to have a little more than my brother and sister for everything I had done for him. I basically looked after him the last year of his life. I am also the Executrix of his estate and have been very careful and fair in dividing the estate by three. Now my brother and sister are stating that they feel the life insurance should have also been split 3 ways. I told them what he had said and they don't agree. Are life insurance proceeds part of the estate if I am the designated beneficiary?
2 Answers from Attorneys
Re: Life Insurance Proceeds
Life insurance proceeds are distributed according to the designation of beneficiary. Your siblings have no claim to the insurance proceeds. The insurance proceeds are not in the estate.
Re: Life Insurance Proceeds
They are not part of your father's estate. They pass by contract, not by Will. Your siblings have no legal claim on the insurance proceeds.
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