Estate Law Questions? Ask an Estate Lawyer.
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I'm sorry for your family's recent loss. The policy names an individual and not the estate?
Why does probate court want me to list it
Did the policy name the estate as the beneficiary?
No It was me
OK, then that would pass outside of probate - it is not part of the probate estate.
So I don't have to tell them
Just to be clear, who is asking? Anything that passes outside of probate is none of the court's concern. For example, bank accounts that have a listed beneficiary go directly to the beneficiary, and does not go through probate and is not listed on the inventory. Same applies with life insurance policies.
The inventory instructions has it on the list it says life insurance, annuities ,mutual funds.
Yes that would be if it named the estate as the beneficiary. Some people name the estate, so then the proceeds pass via the terms of the will or the laws of intestate succession.
Ok thanks a lot you will property here from be again .Im so confused.
Please see the attached: http://finance.zacks.com/probate-life-insurance-proceeds-state-michigan-3536.html
The probate process can be very confusing. If you have future questions, just put To Legal Gems in front of the question and I will do my best to assist. You may want to consider a subscription as it seems people with probate and/or divorce issues do better getting a subscription. You would need to contact customer service as I know nothing about the terms though.