in indiana is a life insurance policy with a beneficiary named part of the net residual estate

UPDATED: Sep 30, 2022

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in indiana is a life insurance policy with a beneficiary named part of the net residual estate

My mother passed in July of this year. I am the beneficiary to the policy. The
executor is saying I have to turn it into the net residual estate to be divided
by all the heirs. The will does not state that the policy should be part of the

Asked on September 22, 2016 under Estate Planning, Indiana


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

No, if there is a named beneficiary (who is alive to receive the proceeds), life insurance policy proceeds are NOT part of the estate, do not get added to the estate to be distributed among the heirs or beneficiaries, and does not go through probate. The proceeds are yours, and yours alone, if you were the sole name beneficiary. If the exectur will not believe you, any local probate attorney can write a letter for you outlining the law--though more basically, you are free to simply ignore him.

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 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.

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