Are the proceeds of a life insurance policy subject to the terms of distrbutionunder a Will?
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Are the proceeds of a life insurance policy subject to the terms of distrbutionunder a Will?
Will says my mom “Gives, devises and bequeaths all of my property real and personal tangible and intangible and all policies and proceeds of insurance covering such property to my 5 children to be equal shares”. Does that mean they have to share with us?
Asked on September 13, 2010 under Estate Planning, Massachusetts
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
People who are designated beneficiaries of a life insurance policy are under no duty to split the proceeds with anyone.; regardless of what the terms of a Will provide. The insurance document is the controlling legal instrument here. The reason is that these proceeds pass outside of a deceased's estate. And heirs are only entitled to items that are part of the estate. Since a life insurance policy with a designated beneficiary is not one of them, it would pass directly to the designated life insurance beneficiary and as their sole and separate property.
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