• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Would this estate issue be considered coercion?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

cmap38

Junior Member
I'm in the midst of some complicated legal wrangling with siblings over my father's estate, and in the course of these wranglings something came up of which I was hoping to get some feedback about as to whether it qualifies as coercion. Here's the summary.

There is a life insurance policy separate from the rest of the will. As the policy was written all siblings will be able to cash in on the policy when it comes due in one year. However, if all beneficiaries agree, we can give individual beneficiaries the option to receive the money now minus whatever interest would have accrued over the next year. Anyone who wanted to wait until the policy came due in a year would also be free to do so. Most of the siblings, including myself, wanted the money now. It is particularly important to me to get the money sooner rather than later, as I can use that money to hire a lawyer.

The problem that has come up in this situation is that two siblings (a minority of the total - it is a big family), including the executor of the will, have refused to sign the form for early disbursement of the insurance policy until all family members sign the necessary forms to allow the executor to begin executing the will, and also provisions agreeing to the manner the will shall be executed.

Contentious points of disagreement have come up concerning how the will shall be executed, and so it seems like these two siblings are basically saying that "if you want us to let you see any of that insurance money sooner rather than later, you need to sign this separate agreement for how the will shall be executed."

So, is this legal? Is it coercion?

It's a New York estate, for what it's worth.

Thanks in advance!
 


tranquility

Senior Member
Since they don't have a legal duty to sign the early disbursement and you don't have a legal duty to sign the waiver, it is not coercive to demand your signature for theirs. If fact, it's called negotiation. That you have a greater need does not change that fact.
 

justalayman

Senior Member
I'm missing something. If the insured is now deceased, what type of policy would not be payable upon his death?



Contentious points of disagreement have come up concerning how the will shall be executed,
it should be executed as written, as the law directs, and as the executor determines it should be executed. If the executor refuses to move the probate forward, somebody that is concerned should take action to remedy that. An executor cannot stall the process unless the heirs allow them to. If probate has not been opened, then maybe some other interested party should file to open probate and maybe even apply to be appointed executor.


there is nothing improper for anybody to choose to not cash out the insurance policy now. It is their right. If you want your money now and the only thing those wanting to wait would be due to losing a determinable amount of interest, why don't you pay them the interest they would lose if the policy was distributed now. You get your money and they get their interest. \\\
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top