If my mother just passed and there is a life insurance policy of which I am the beneficiary, does that go to me or does that need to be included into the assets of the estate?

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If my mother just passed and there is a life insurance policy of which I am the beneficiary, does that go to me or does that need to be included into the assets of the estate?

She also has a very thorough Will/Trust with very specific distribution of assets. I have 5 stepbrothers and 3 of those are included in the distribution. I’ve been the trustee and am now the executor of the Will.

Asked on February 21, 2019 under Estate Planning, Michigan

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Proceeds or benefits payable to named beneficiaries, such as those from a life insurance policy bypass probate (i.e. the terms of a Will do not apply). Also, money from IRA's and 401(k) accounts transfer automatically outside of probate. Additionally, bank accounts that are set up as payable on death accounts (i.e. POD's) with a listed beneficiary also pass without probate. 


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