Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction!
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).