Q: Good morning. My mother died around 11 yrs., my step father died in December 7th. His will and trust say to gather and
Divide all of his assets between the beneficiaries. My stepsister told my blood sister that they we’re getting a 2mil life insurance payoff and that they won’t be splitting it up as per the trust. Can she do that?
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A:
Your question is missing important facts. The life insurance must be paid according to the death beneficiary designation that the owner specified for the policy.
If the death beneficiary is the trust, then the proceeds must be distributed according to the terms of the trust. The trust might have a specific distribution for the policy proceeds or the policy proceeds might be part of the residuary distribution.
Or the death beneficiary might be one or more named persons with a plan of distribution or percentages that is/are different that the plan of distribution that is in the trust.
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