Legal Question in Wills and Trusts in Alabama
Mothers death
In the will it states all moneys will be divided equally, then a life insurance policy made out to me no other name on it, which was not mentioned in the will came up is that included in all moneys?
2 Answers from Attorneys
Re: Mothers death
Legally, the insurance policy is a contract between the decedent and the insurance company. As such, the only person who has to receive proceeds of the policy is the person listed as the beneficiary. Insurance proceeds do not go through probate and are not included as a part of the assets of the estate.
Good luck!
Re: Mothers death
Norma is right. Life insurance is an asset that is not included in the probate of a will, just like IRAs etc. It doesn't even matter if a person references their life insurance in the will. It still goes to whoever is named on the policy. If you are the only one named, no one else has a claim to the funds.
William G. Nolan
www.NolanElderLaw.com
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