If I was sole beneficiary of a life insurance policy, do I have to release this policy to the estate executor?

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If I was sole beneficiary of a life insurance policy, do I have to release this policy to the estate executor?

And if I had joint bank account with deceased, do I have to release account if I was asked by the executor of my mother’s estate to release any and all bank accounts, life insurance policy and IRA, all of which had my name on it.

Asked on April 23, 2012 under Estate Planning, South Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am so sorry for your loss.  If you are a beneficiary of a life insurance policy then the policy passes outside the Will and is not part of the decedent' estate to be probated.  Same goes with a joint account (although I would double check on if it i really listed as such or your name was just on the account).  So the answer would be no, you do not.  But get legal help becuase you have not said why the executor has asked for the release of the funds. Good luck. 


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