HELP family in crisis

[breckgirl]

What is the name of your state (only U.S. law)? New Jersey.

Hi...my father recently passed away. I am one of six children. My oldest sister is the Executor of his Will. The Will states that any monies of said estate should be divided between the six children. My father lived with me. He advised me of an insurance policy and also advised me that it was to be split between the six of us. My oldest sister was named the beneficiary of that policy. She thinks the money is hers. Doesnt the Will supercede all? Thank you.

Cat

 

[anteater]

No, the proceeds of a life insurance policy with a surviving designated beneficiary are not a probate asset and not subject to the provisions of a will.

The provisions of a will are effective only with regard to assets that are part of the probate estate.

 

[justalayman]

No. The will does not control a life insurance policy unless the estate is named as the beneficiary.

 

[curb1]

"Oldest sister" can distribute the proceeds to rest of family, and many times that happens. Unfortunately (for the rest of the family) she can do whatever she wishes. Father made an error in judgement. Does "oldest sister" recognize that was father's intention? We had the same thing happen in our family (I wasn't involved) last week. It was refreshing that there was agreement to split everything in equal shares just because everyone knew the intent.

 

[FlyingRon]

"Oldest sister" can distribute the proceeds to rest of family, and many times that happens. Unfortunately (for the rest of the family) she can do whatever she wishes. Father made an error in judgement. Does "oldest sister" recognize that was father's intention? We had the same thing happen in our family (I wasn't involved) last week. It was refreshing that there was agreement to split everything in equal shares just because everyone knew the intent.

Huh? He didn't leave everything to her, he merely named her executor. She must act in accordance with the will. Of course, she can't do anything legally until the estate is probated and she is actually appointed executor by the surrogate's court.

 

[LdiJ]

Huh? He didn't leave everything to her, he merely named her executor. She must act in accordance with the will. Of course, she can't do anything legally until the estate is probated and she is actually appointed executor by the surrogate's court.

Ron, the oldest sister was the sole named beneficiary of the life insurance policy. That makes it hers as it passes outside of his estate.

 

[anteater]

I think that curb was suggesting that persuasion and/or laying on a guilt trip could perhaps make the beneficiary sister see the light and follow the father's intentions.

Then again, maybe it won't.

 

[curb1]

I agree anteater, the "oldest sister" is holding all the cards.