If I’m the sole beneficiary of my father’s life insurance policy, must I give any of it to my siblings?life insurance

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If I’m the sole beneficiary of my father’s life insurance policy, must I give any of it to my siblings?life insurance

The policy is only worth $5000. My brothers and sisters paid for a funeral now they want the $5000 and are threating to sue me for it. What are my options?

Asked on July 3, 2017 under Estate Planning, Wisconsin

Answers:

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

Answered 3 years ago | Contributor

Life insurance proceeds pass outside of an estate. In other words, they are not an asset of the estate. Accordingy, such proceeds are the sole property of the named beneficiary of the policy. Bottom line, your siblings have no right to them. Further, you are under no legal obligation to share in the expenses of your father's funeral, although from a moral perspective you may want to do so.


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