Is a wife entitled to her late husband’s life insurance proceeds, IRA, 401k, etc.?
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Is a wife entitled to her late husband’s life insurance proceeds, IRA, 401k, etc.?
My husband and I married this year. After we married, we were going to change the beneficiaries of our life insurance, 401K, IRA, etc. to each other. ong story short, we did not, and he passed away. His mother and father (who died years ago) are the beneficiaries of his life insurance, which he purchased 26 years ago. His mother had no idea he had life insurance or that she was the beneficiary. She has said that she is going to gift it to me, so that it will not go into his estate (he also had no Will). What happens if she changes her mind? What legal rights do I have?
Asked on September 16, 2013 under Estate Planning, Georgia
Answers:
Nathan Wagner / Law Office of Nathan Wagner
Answered 11 years ago | Contributor
As the beneficiary, your mother-in-law does not have to give you the insurance proceeds or retirement accounts. She can give them to you, of course, but you probably cannot force her. However, if your husband's estate has to pay federal estate tax (because his estate is worth more than $5.25 million), she may have to contribute to the payment of that tax, even if she tries to keep those assets.
Nathan Wagner / Law Office of Nathan Wagner
Answered 11 years ago | Contributor
As the beneficiary, your mother-in-law does not have to give you the insurance proceeds or retirement accounts. She can give them to you, of course, but you probably cannot force her. However, if your husband's estate has to pay federal estate tax (because his estate is worth more than $5.25 million), she may have to contribute to the payment of that tax, even if she tries to keep those assets.
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