Last Will & Testament vs life insurance/annuity

[smartcar]

WASHINGTON STATE; My mother recently passed away and had a current "Last Will & Testament". There are only two people involved, my brother and I, and mom left everything to us two. The will stated that my brother receive her house and property and we split her monetary equities. My mom stated in the will that I receive a flat dollar amount and the remainder of the monies going to my brother. I just received a document via the US Mail, that states mom had a life insurance policy/annuity and it names both me and my brother as beneficiaries.

Question: If my brother and I are the beneficiaries of this life insurance/annuity policy. Do we (my brother and I) share in this? Or does my brother get it all because in the "will" mom stated that I receive a flat amount of money? There was no mention of a life insurance policy in moms will. My brother and I don't plan on taking this to probate.

thanks.....Dennis

 

[Zigner]

WASHINGTON STATE; My mother recently passed away and had a current "Last Will & Testament". There are only two people involved, my brother and I, and mom left everything to us two. The will stated that my brother receive her house and property and we split her monetary equities. My mom stated in the will that I receive a flat dollar amount and the remainder of the monies going to my brother. I just received a document via the US Mail, that states mom had a life insurance policy/annuity and it names both me and my brother as beneficiaries.

Question: If my brother and I are the beneficiaries of this life insurance/annuity policy. Do we (my brother and I) share in this? Or does my brother get it all because in the "will" mom stated that I receive a flat amount of money? There was no mention of a life insurance policy in moms will. My brother and I don't plan on taking this to probate.

thanks.....Dennis

You will need to go through probate.
However, the life insurance proceeds pass outside of probate. They will be divided as indicated in the policy (likely, but not definitely, 50/50)

 

[curb1]

The "house and property" will be a problem if you bypass probate. The title will be difficult to change into brother's name without going through probate. Call a title company and talk to them for a couple of minutes and they will tell you about the possible problems. Are you and brother "on the same page" about all of this?

 

[latigo]

WASHINGTON STATE; . . . My brother and I don't plan on taking this to probate . . . .

Very interesting.

In other words, you intend to follow the directions for distribution as set out in the document that is in your possession, which you believe to be mother’s last will and testament, but shall not bother to first have the instrument filed and formally admitted into probate and declared to be mother’s last will and testament.

And the only problem you see with that course of action is - "how do we divvy up the insurance proceeds?"

Well, aside from the incidental fact that under this self-help scheme title to the real property will never pass out of mother’s estate and into your brother’s name or anyone else's name. Which just might cause some problems down the road -

Grabbing all of the cash without first complying with the Washington Probate Code covering the administration of decedent’s estates could get you and your brother in a world of financial hurt.

Furthermore, one or both of you better see that the will is delivered to the appropriate probate court in compliance with RCW 11.20.010, which code section bears the interesting caption: “Duty of custodian of will – Liability”!

 

[smartcar]

The "house and property" will be a problem if you bypass probate. The title will be difficult to change into brother's name without going through probate. Call a title company and talk to them for a couple of minutes and they will tell you about the possible problems. Are you and brother "on the same page" about all of this?

My brother and I have no arguments on the distribution of the monies. I'm just looking for answers on the life insurance question. We did go to a title company and picked up a couple legal documents for getting the property transferred into my brothers name. The title officer did tell us that we didn't have to go thru probate if we elected not to. We have to file at the counties EXCISE admin office because Washington State does have a tax that needs to be paid when property changes hands.

 

[smartcar]

Very interesting.

In other words, you intend to follow the directions for distribution as set out in the document that is in your possession, which you believe to be mother’s last will and testament, but shall not bother to first have the instrument filed and formally admitted into probate and declared to be mother’s last will and testament.

And the only problem you see with that course of action is - "how do we divvy up the insurance proceeds?"

Well, aside from the incidental fact that under this self-help scheme title to the real property will never pass out of mother’s estate and into your brother’s name or anyone else's name. Which just might cause some problems down the road -

Grabbing all of the cash without first complying with the Washington Probate Code covering the administration of decedent’s estates could get you and your brother in a world of financial hurt.

Furthermore, one or both of you better see that the will is delivered to the appropriate probate court in compliance with RCW 11.20.010, which code section bears the interesting caption: “Duty of custodian of will – Liability”!

Thanks.....well check out the "duty of custodian" issue with a paralegal before proceeding.

 

[anteater]

Zigner gave you the answer on the life insurance. The will has no bearing if there are named beneficiaries.

I don't know how you are going to transfer the real estate without probate. But, if you can, more power to you.

I have found this to be an informative site with regard to probate in WA:

http://www.wa-probate.com/

 

[smartcar]

Zigner gave you the answer on the life insurance. The will has no bearing if there are named beneficiaries.

I don't know how you are going to transfer the real estate without probate. But, if you can, more power to you.

I have found this to be an informative site with regard to probate in WA:

Washington Probate --- Washington State Probate Instructions & Forms

Hey thanks.....that web site is very helpful.
Dennis