What are my rihts if my dad passed away 3 weeks ago and I have been informed that I am listed as a beneficiary on a life insurance policy?

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What are my rihts if my dad passed away 3 weeks ago and I have been informed that I am listed as a beneficiary on a life insurance policy?

It is a 50/50/ split with my brother. I truly don’t want anything to do with it because my brother took over the payments years ago to help my mom and dad, and also since I could never afford to help due to my illness. Is there any way to waive my right to my percentage and have them pay my brother the whole amount since he is the policy owner and has been paying the policy on his own for years?

Asked on June 17, 2013 under Insurance Law, Massachusetts

Answers:

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

Answered 8 years ago | Contributor

I am so sorry for your loss.  I just have to say that it sounds as if your parents raised you and your brother to be fine people.  You an waive  - or "relinquish" - your rights to the proceeds of the life insurance policy but I would double check just how that would effect the distribution of the remaining proceeds.  Insurance proceeds "pass outside the Will" meaning they come to the beneficiaries directly.  So make sure that your brother will then inherit all and your share would not be paid in to the estate and then be taxed, etc.   Good luck.


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