If I was sole beneficiary of a life insurance policy, do I have to release this policy to the estate executor?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I was sole beneficiary of a life insurance policy, do I have to release this policy to the estate executor?

And if I had joint bank account with deceased, do I have to release account if I was asked by the executor of my mother’s estate to release any and all bank accounts, life insurance policy and IRA, all of which had my name on it.

Asked on April 23, 2012 under Estate Planning, South Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am so sorry for your loss.  If you are a beneficiary of a life insurance policy then the policy passes outside the Will and is not part of the decedent' estate to be probated.  Same goes with a joint account (although I would double check on if it i really listed as such or your name was just on the account).  So the answer would be no, you do not.  But get legal help becuase you have not said why the executor has asked for the release of the funds. Good luck. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption