Do insurance proceeds pass outside of a Will?
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Do insurance proceeds pass outside of a Will?
My father wrote a will regarding his 3 children; it said for us to devide everything 3 ways. I the oldest, is the sole beneficiary to his small insurance money from where he worked. Do I have to share that with my siblings because they already took what they wanted and we split the money he had in the bank? I had also been my parent sole caregiver for 2 1/2 years before they passed away.
Asked on February 4, 2015 under Estate Planning, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Insurance proceeds are not part of a probate estate. This means that the these funds pass outside of probate directly to the named beneficiary. Accordingly, such a beneficiary need not share the proceeds with other family members.
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