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Old 03-12-2015, 11:52 PM
 
Location: Southwest Washington State
21,967 posts, read 14,442,747 times
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Life insurance is a part of the estate, no matter the heirs.

An executor can refuse to do the job of executor.

In very modest circumstances, someone can put property in joint title, and dispense with the will. However almost every legal authority recommends having a will. I am surprised that with such a small estate, the will was so detailed. At any rate, it sounds as if the executor thought he would be compensated for his effort, but the estate was too small.

I think with a small estate the beneficiary of the estate should be the executor.
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Old 03-12-2015, 11:59 PM
 
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Quote:
Originally Posted by silibran View Post
Life insurance is a part of the estate, no matter the heirs.
Almost always that is not the case, life insurance is entirely outside the estate. I've never known a case where this was so. Do you know an exception? If so, please share.
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Old 03-13-2015, 02:37 AM
 
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unless there is good reason not to make the heirs the policy owner it usually is set up to pass outside the estate since one of the benefits of life insurance is you can have it easily pass outside the estate.

our kids own my policy . i changed it to them a decade ago once our estate became to large to dodge our state estate taxes.
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Old 03-13-2015, 03:42 AM
 
Location: Florida
19,847 posts, read 19,948,859 times
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It's too bad the executor took on the job assuming there would be funds found to pay for everything but without knowing that, he should have declined.
My mom did have a will made when there were assets but they were gone by the time she died.
I was executor and beneficiary of her one insurance policy and did use it for burial expenses but that was voluntary.
Since only the personal effects in the nursing home remained, the will itself was just a useless piece of paper.
If nobody had stepped up, the landlord could have been stuck with disposal of the apartment contents.
.
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Old 03-13-2015, 05:08 AM
 
2,429 posts, read 3,230,179 times
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Quote:
I think with a small estate the beneficiary of the estate should be the executor.
Of course, that’s still doesn’t mean the executor won’t be out some money if he/she doesn’t pay attention to the amounts
being spent on getting things done.
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