Life insurance policy left in a will to a named beneficiary - is it part of the estate? Can it be dispensed and not incur solicitors fees?

Answer 1

no

Answer 2

Nope, life insurance is not considered part of the elate, it is a specif entity that is only between the company and the beneficiary. The trustees, whomever is control of the estate, should pass the info on about it the policy if they come across it, and that is it. They have no legal right to know amounts or anything else about it.

Answer 3

In the US anything distributed to someone specifically named as a beneficiary (life insurance, bank accounts, investments, etc) is NOT part of the estate. An estate distributed to one or more heirs by will, trust, or intestate laws, does not include funds from accounts with identified beneficiaries.

Answer 4

In the UK it is seperate from the Estate, The Insurers pay direct to the beneficery. I just collected a cheque from my Fathers Insurance.

Answer 5

Not part of the estate, no.

Answer 6

If a beneficiary is named on the policy, it is not part of the estate of subject to the will.
If the beneficiary on the policy is blank, or the estate, the proceeds are part of the estates and subject to the same claims as other assets in the estate.
In short, either it is part of the estate, or it isn't controlled by the will.

Answer 7

Insurance policy proceeds are paid directly to the named beneficiary. They are not part of the deceased's estate, not subject to probate. No solicitor's fees. Depending on your country & your country's laws, proceeds might not be subject to any taxes (e.g. not taxable in US). The beneficiary must produce death certificate of the deceased, and proof of their identity, that they are the named insured.

Answer 8

You don't leave life insurance benefits in a will. The beneficiary is stated in the policy.

Answer 9

Nope, life insurance is not considered part of the elate, it is a specif entity that is only between the company and the beneficiary. The trustees, whomever is control of the estate, should pass the info on about it the policy if they come across it, and that is it. They have no legal right to know amounts or anything else about it.

Answer 10

where is this? In America, the beneficiary stated in the most recent policy update and given to the insurance company in writing controls, not the Will, -- the proceeds pass outside probate and are not subject to attorney's charges.

It is, however, possible for the Probate Court to seize the proceeds of a life policy for the benefit of creditors IF/WHEN it can be shown that the policy was purchased when decedent was already in debt and that the policy was a means to avoid paying said debts. {A mortgage debt holder can not sue for this since its value is secured by the property -- unless it also shows fraud in the incurrence of the mortgage debt.}

Since you use the word "solicitor" I assume you are not in America. That does, however, leave a variety of countries in which this might be a concern