Beneficiary ?

[wannawin]

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

I am listed as the beneficiary on some life insurance policies that my Uncle had. I have not collected anything or signed anything yet. My sisters say that the intentions of my Uncle was to split the proceeds with them. The will is split 6 ways, although the insurance policies are not mentioned. One sister just called and said there is a court order out that if I cash any checks, I will go to jail. I am not sure how to proceed. I know the executor is trying to get the money and put it as estate funds.

 

[Zigner]

If you are shown as the beneficiary on the policy, then the money is yours.

 

[cbg]

Someone can correct me if I am wrong, but it is my understanding that a life insurance policy is separate from the rest of the estate. ONLY the named beneficiary is entitled to the proceeds of a life insurance policy, regardless of what the disposition of the estate is.

Until you have actually been served with a court order, I wouldn't take any notice of your sister.

 

[ecmst12]

Did you post and then delete another thread about this? Sounds very familiar.

 

[sandyclaus]

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

I am listed as the beneficiary on some life insurance policies that my Uncle had. I have not collected anything or signed anything yet. My sisters say that the intentions of my Uncle was to split the proceeds with them. The will is split 6 ways, although the insurance policies are not mentioned. One sister just called and said there is a court order out that if I cash any checks, I will go to jail. I am not sure how to proceed. I know the executor is trying to get the money and put it as estate funds.

Someone can correct me if I am wrong, but it is my understanding that a life insurance policy is separate from the rest of the estate. ONLY the named beneficiary is entitled to the proceeds of a life insurance policy, regardless of what the disposition of the estate is.

Until you have actually been served with a court order, I wouldn't take any notice of your sister.

AFAIK, you would be correct. A life insurance benefit is separate from the estate of the deceased. It only goes to the estate if specified in the policy.

IMHO it also sounds like your sister have a vested (veiled) interest in misleading you - especially if if the estate doesn't leave much for them to share.

 

[anteater]

Did you post and then delete another thread about this? Sounds very familiar.

Yes. He/she did.

One sister just called and said there is a court order out that if I cash any checks, I will go to jail.

This sister could at least come up with a less absurd threat.

 

[latigo]

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

I am listed as the beneficiary on some life insurance policies that my Uncle had. I have not collected anything or signed anything yet. My sisters say that the intentions of my Uncle was to split the proceeds with them. The will is split 6 ways, although the insurance policies are not mentioned. One sister just called and said there is a court order out that if I cash any checks, I will go to jail. I am not sure how to proceed. I know the executor is trying to get the money and put it as estate funds.

As Z mentioned, any portion of the proceeds of the life policies to which you are a designated beneficiary are payable to you directly by contract and not to be included as assets of the policy owner’s estate.

Hence, contrary to your avaricious and threatening relatives neither they nor the estate can make any legal claim to that money.

However, because of the delay in processing your claim I strongly urge you to consult with your attorney.

 

[Mass_Shyster]

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

I am listed as the beneficiary on some life insurance policies that my Uncle had. I have not collected anything or signed anything yet. My sisters say that the intentions of my Uncle was to split the proceeds with them. The will is split 6 ways, although the insurance policies are not mentioned. One sister just called and said there is a court order out that if I cash any checks, I will go to jail. I am not sure how to proceed. I know the executor is trying to get the money and put it as estate funds.

As others have said, the payout from the insurance policy is yours.

When the check shows up, deposit it instead of cashing it. That way you can honestly tell sis you never cashed it.

 

[Zigner]

When the check shows up, deposit it instead of cashing it. That way you can honestly tell sis you never cashed it.

Playing childish word-games won't help the OP

 

[anteater]

However, because of the delay in processing your claim I strongly urge you to consult with your attorney.

What delay? In the lamented, now-deleted thread, the OP said that the insurance company was sending the claims forms.

I'd say that the time to consult with an attorney is if those avaricious relatives somehow cause the insurance company to get cold feet and the company goes the interpleader route.

 

[wannawin]

Thanks, everyone !! I have 4 sisters and they are constantly calling and threating me. Yes, I did start another post and I was looking more verification. This whole deal is getting to me. Is it possible that my sister collects the check that has my name on it and rips it up, knowing she won't get a dime?

 

[Zigner]

Thanks, everyone !! I have 4 sisters and they are constantly calling and threating me. Yes, I did start another post and I was looking more verification. This whole deal is getting to me. Is it possible that my sister collects the check that has my name on it and rips it up, knowing she won't get a dime?

The insurance company should send the check directly to you.

 

[ecmst12]

Deleting threads is going to make people a lot less likely to want to help you. And the answers won't change.

 

[wannawin]

Sorry , I didn't know that.