Is it necessary to put a life insurance policy on deacedent’s estate inventory?

There is life insurance on a husband and it is owned by his wife; the beneficiaries are his children. Also, do I need to also list his annuity on the inventory; his wife automatically gets paid half for the rest of her life?

Asked on October 5, 2014 under Estate Planning, Colorado

Answers:

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

Answered 6 years ago | Contributor

Assets such as life insurance proceeds, annuities and the like (IRA's 401k's, etc) that seperately name beneficiaries pass outside of an estate. Therefore, they are not subject to probate and so need not be listed in the inventory of an estate. For further advise, you should seek counsel from a local probate attorney.


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