Q: How do I set up a small estate for my sister that passed away in Cedar Rapids, IA?
My sister left no will and left me as the benefiiciary on her life insurance. The life insurance company said I need to set up an estate, how do I do this for a small estate? My sister has no realestate, nothing else.
A: Usually if you were named as a beneficiary on a life insurance policy upon providing proof of death and identification the funds will be paid directly to you. I suggest getting clarification in writing of exactly what it is they want.
Bill Fix agrees with this answer
A: If you were the sole named beneficiary on the life insurance policy, you should be able to fill out the company's claim form, supplying whatever documentation they require, and get the proceeds without the need for probate. There is a distinction between probate assets and non-probate assets, and usually life insurance proceeds are not probate assets. However, if the policy named her estate as a beneficiary or a beneficiary predeceased her, the company may try to pay it out to an estate. Consult with a local probate attorney if the life insurance company will not cooperate with you.
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