If I am benieficary of an insurance policy, is it mine alone or part of my deceased father’s estate to be shared with relatives named in his Will?

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If I am benieficary of an insurance policy, is it mine alone or part of my deceased father’s estate to be shared with relatives named in his Will?

Asked on July 2, 2012 under Estate Planning, New Jersey

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Sorry to hear about your father.

If you are the only designated beneficiary of your father's insurance policy, the proceeds are entirely yours.  You are under no obligation to share the proceeds of that insurance policy with other relatives named in your father's Will, who are not named as beneficiaries of that insurance policy. 


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