Q: Does a life insurance policy have to be listed in probate?
I have been paying on a life insurance policy for my great uncle for over 20 years and am listed as the beneficiary, does this policy have to be listed in the probate proceedings?
A: Not strictly speaking. Life insurance passes outside of probate. That said, the proceeds will probably need to be listed on the estate tax return. The proceeds may be included in your great uncle's estate, but unless the total is over 9.1 million (for 2022), no estate tax will be owed.
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