I have no idea who to ask about this so I am bringing my question to all of you… My father-in-law recently commited suicide. He had two life insurance policies that are going to pay a decent amount of money. His brother was named executor of the will and his wife is the beneficiary of the life insurance policies. His sister is causing quite a ruckus and thinks she deserves some of the money. She is telling my mother in law that the life insurance money will first go to the court house to pay off his debts and then whatever is left will be given to her. My question is this, can the executor of the will or his sister get their hands on the money and does the money go to my mother in law or to the courthouse?? If anyone could help me out with the answer or where to find the answer I would really appreciate it. Thanks
IANAL (just to be safe)…the will and the life insurance are 2 seperate things. The life insurance goes to the beneficiary listed and is not considered part of the estate. Only those assets specified in the will will be dealt with by the executor. For example, if the will specified that the house is to be sold and the proceeds distributed to the persons named in the will, the executor, in conjunction with the probate court, would handle selling the property and distributing the proceeds as directed. An accounting of all monies would be made to the probate court. I believe your mother-in-law, as sole beneficiary of the life insurance, is entitled to keep all proceeds of the life insurance.