Are life insurance proceeds the sole property of the listed beneficiary?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Are life insurance proceeds the sole property of the listed beneficiary?
Must they be split with the deceased’s heirs?
Asked on July 29, 2015 under Insurance Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
No, life insurance proceeds are not assets of an estate, therefore they need not be split with heirs of the estate. In other words heirs have no rights to these proceeds; only the listed beneficiary of has the right to them.
Note: If no beneficiary is listed on the policy, then the proceeds are paid into the deceased's estate and are distributed to according the terms of the Will (if there is one) or state law (if there is no Will).
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.