Q: How can life ins. Be part of estate
Will states devise and bequeath all my property both real and personal, tangible and intangible, wherever located, and of any nature whatsoever, including any lapsed or void legacy or devise to my children. ONLY one beneficiary in life ins policy.
A: Generally, if a life insurance policy has a designated beneficiary and the beneficiary survives the insured person, the policy proceeds would be paid to the designated beneficiary. In such event, the proceeds would not be part of the probate estate and not pass under the terms of the will. On the other hand, if the estate is the beneficiary, the proceeds would be part of the estate. Also, if there is no designated beneficiary, the terms of most policies would provide that the proceeds would be payable to the estate. If the proceeds become part of the probate estate, then such proceeds would become subject to the administration of the estate and the terms of the will might control. You should consult with a probate attorney if you have questions about your particular matter.
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