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

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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
payout.

Asked on September 22, 2016 under Estate Planning, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 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.


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