Have whole life Met Life policy mom owned. Upon her death, I became owner. Should it be part of estate assets?

My siblings all had the same type of policy, and the addresses were changed to their own as they became adults. I'm the youngest, and had my mom keep the policy coming to her house because my spouse did not need to know about it. My oldest sister is now including the face value of the policy in the estate as part of the divided assets being allocated to me. My mom passed away over two years ago, and my sister acting as executor of the estate would not let me come in the house. My mom was my best friend. I just can't believe that after everything that has been going on, my sister now wants to include what is mine as part of the divisible assets. Is this how it is done?

the beneficiary of the life insurance does not make you the beneficiary of all of the remaining assets. she should have it all stated in her will on how she wanted to divide up her assets...if there was no will...her assets will go into probate and the court will divide it up on how they see fit.

If you are the sole beneficiary it belongs only to you and no one else.If you are not the sole beneficiary and someone else is on the policy both you and them are the owners of it.Not the estate.It becomes your property.

Paralegal instructor's advice was correct up to a point.

However, there are a few times when a live insurance policy becomes part of the estate. This includes if the life insurance policy is specifically payable to the estate. (Why anyone would do so is beyond me, but its possible).

It seems to me that your first course of action would be to find a copy of the insurance contract (from the insurance company if necessary), and then take it to an attorney for review. He/she can tell you how to proceed from there. It may be as said, that you need only provide identification and some information to the insurance company, or there may be other quirks which aren't evidence from your description.

For a referral, contact your local or state bar association.

I strongly suggest you seek a lawyer. There is not other way. I am encountering similar problems. The policy needs to be examined carefully. My father passed away and left a checking account strictly to my youngest brother, because he was with my father until the end. He deserve it; plus it was stated in the will and trust as such. It was what my father wanted. If its stated in the trust/will that you should be the owner so beat it, you are. I suggest you get a lawyer and make it so. Executors can be removed by the court if they are not following, my brother was removed for doing things his way, for his own benefit. Find a good aggressive lawyer quick, things happen too fast if you don't act on.

You ned to check with the insurance company to see if, when you mum first took the policy out, that she named you as the beneficiary of it .... if she did then it is not part of her estate as it was already 'written' into you name at the outset...... all that forms your late mother's estate are all those things, property and assets that can be classed as 'hers' - those things that she would have and did benefit from..... if you were named as the beneficiary then she had already disowned her ownership of and benefit from it, from the time you were named.......it was not and is not part of her estate......

Life insurance policies, with a named beneficiary, do NOT form part of the estate. If your sister is holding your copy of the policy, she needs to release it to you so you can go to the insurance company with your proof of identity, sign a few forms, and get your money. The insurance company, however, will have the original, so you may be able to go to them without the copy your sister's holding. In any case, phone the insurance company and ask them what documentation they need you to produce in order to receive payout.

P.S. "grnearth" is talking about a checking account which DOES form part of the estate, and his advice, although good in his situation, has nothing to do with yours. Life insurance policies never form part of an estate. Period.