Must the beneficiary of an insurance policy split the proceeds with the heirs of an estate?
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Must the beneficiary of an insurance policy split the proceeds with the heirs of an estate?
My father passed away last week from a car accident.I have 5 other siblings who are listed in the Will. The car insurance listed one beneficary for death benefits. Does the beneficary have to devide it with the other siblings if it was solely given to the one beneficary?
Asked on November 4, 2012 under Estate Planning, Alabama
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 11 years ago | Contributor
The answer to your question is "no." The beneficiary on the life insurance receives the insurance proceeds. Those proceeds are not subject to the will and will be paid directly to the beneficiary by the insurance company.
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