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Life Ins Benficiary is different thean the will

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S

sightrealty

Guest
What is the name of your state? Kansas.

My wifes brother passed away. In his will he wanted everything to be split between his MOther and my wife. HOWEVER, the life insurance, mutual funds and bank accounts beneficiariies were only his mother, not his estate.

SO, how does my wife get her share without it causing a tax issue on either side?

Thanks.
 


abezon

Senior Member
She can't. The life insurance, bank accounts, etc pass by beneficiary designation, not by will. They go to his mother.

The only way for the property to pass to your wife is if her mother refuses to accept the life insurance/investments/accounts. Then the beneficiary designation fails & the assests revert to his estate, where they are given 1/2 to your wife & 1/2 to her mother like everything else. This assumes there are no contingent beneficiaries. If mom doesn't want to do this, that's the end of it. Mom gets it all & your wife has to just hope mom leaves some of it to her.
 

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