life insurance/beneficiary

[birdie02]

What is the name of your state? UTAH

My father passed away a couple of months ago in Kentucky. My sister was named beneficiary of the life insurance policy and also the executor of the will. She is the oldest child and my parents are divorced. The will states that all assests be divided 50% between the two of us. She said that since she is listed as the beneficiary of the life insurance policy, that she doen't have to share it with me - is that correct?

 

[BlondiePB]

She said that since she is listed as the beneficiary of the life insurance policy, that she doen't have to share it with me - is that correct?

Yes.......

 

[birdie02]

is the life insurance considered an asset? is there anything i can do to dispute this?

 

[BlondiePB]

is the life insurance considered an asset? is there anything i can do to dispute this?

Life insurance passes outside of probate directly to the beneficiary. Sorry, the money is all your sister's.

 

[birdie02]

thank you for your help..

 

[mickeyharding]

What is the name of your state? UTAH

My father passed away a couple of months ago in Kentucky. My sister was named beneficiary of the life insurance policy and also the executor of the will. She is the oldest child and my parents are divorced. The will states that all assests be divided 50% between the two of us. She said that since she is listed as the beneficiary of the life insurance policy, that she doen't have to share it with me - is that correct?

anytime a beneficiary is listed(or a name is listed to be paid to upon death), that rules. The will is secondary and only comes into play it their is no designation on the instrument. Most often, any type of financial instrument can ask the account holder to designate a payee upon death. Real property is usually handled by the will (like autos, land, etc.) If she shared any of the proceeds with you, it would be considered a gift from her, not your dad.