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Spousal inheritance

 
 
Reply Mon 20 Mar, 2023 08:33 am
I have a question if someone could answer it for me. For years I've been the beneficiary of my oldest brother's insurance policy on his job. There are 7 of us and he chose me to be his beneficiary since he is not married nor has any children. My brother is in his late 50s early 60s so God forbid anything happen to him anytime soon. He recently told me his job changed plans and he needed my information to make me the beneficiary on the new policy which I had no problem giving him my info. I was discussing it with my wife and when she heard "beneficiary" there was a light that came on in her head. You could see the mood change on her face like "free money". No, this isn't free money because for me to get it my brother will have to pass away. Anyway, in her way of thinking this is "our" money. You guys know our story, we don't have a joint account where all monies go. We have a joint account for household bills and things but she has kept her own checking account and so have I. "IF" something were to happen to my brother and I receive the proceeds from his insurance policy chances are they will go into my personal account instead of the joint account. This is how our joint account is set up. When a bill is due we both transfer funds to the account to pay the bill so it's not like there's a lot of money in the account at any given time.

I guess my question is this. Is she "entitled" to any of those funds as she thinks this is "marital gains". WE weren't the beneficiary of the insurance. Don't get me wrong, I'm not going to keep her completely out of the loop but I don't see myself putting a chunk of it into the joint account. Again, is she entitled to any of the funds since it's a beneficiary account that I have with my brother? And with that being said, say she was to take some money she has in her purse and goes out and buys a lottery ticket and wins big. Am I entitled to any of that money or is that all hers? I'm sure this is covered under marital laws but what about if one person received an inheritance from a family member? How does marriage or the law handle that?
 
izzythepush
 
  3  
Reply Mon 20 Mar, 2023 08:51 am
@Barry2021,
You know legal advice is against tos.

Get a lawyer.
jcboy
 
  4  
Reply Mon 20 Mar, 2023 11:25 am
@izzythepush,
Right, lawyers spend thousands of dollars getting their law degree, it's not likely they want to give free legal advice on the Internet. They get paid for their service.
Barry2021
 
  0  
Reply Mon 20 Mar, 2023 12:28 pm
@jcboy,
I guess the last time I checked A2K wasn't a legal website. It's a message board. I know there are probably zero lawyers who frequent here. I was just asking what your opinions would be.
CalamityJane
 
  2  
Reply Mon 20 Mar, 2023 01:52 pm
@Barry2021,
Inheritance laws by state:

There are three categories of inheritance laws that determine how an Estate is divided, and these laws can vary from state to state. These laws are referred to when settling an Estate that’s in intestacy.

Common law, as it relates to inheritance laws, means that a surviving spouse is not entitled to inherit half of any property obtained during the marriage, but in many states, they will often be able to claim one-third or one-half of their spouse’s Estate. In states that follow common law or equitable distribution, certain assets owned by one spouse will not automatically belong to the other unless their name is also on the title or deed.

Community property inheritance laws, each spouse is automatically the co-owner of whatever was earned during a marriage. Community property does not apply to anything owned by either spouse before the marriage, inheritance or gifts given to one spouse, or other assets the spouses have legally agreed to keep separate. In states that follow community property laws, at least half of the assets in the Estate that was earned throughout the marriage will be awarded to the spouse.

Elective community property states allow for the creation of community property trusts, which allow spouses to share assets and have a right to inheritance.

The inheritance laws, by state, are:

Common law – Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Utah, Vermont, Virginia, West Virginia
Community property – Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin


trustandwill.com
Elective community property – Alaska, Kentucky, Tennessee
0 Replies
 
Mame
 
  1  
Reply Mon 20 Mar, 2023 05:26 pm
@Barry2021,
There IS at least one lawyer here Smile
Mame
 
  1  
Reply Mon 20 Mar, 2023 05:28 pm
@Mame,
And I'm also wondering if being the beneficiary of his life insurance is considered an 'inheritance'. You'd have to check your state laws. Maybe Google will give you more precise answers.
0 Replies
 
RPhalange
 
  1  
Reply Tue 21 Mar, 2023 06:10 pm
@Barry2021,
It depends on your state, in some states marital assets are considered shared and say you were to pass away or you were to divorce any assets you acquire while being married are owned equally called community property. So yes, she may have a point if you live in such a state your assets are 50/50 so even that so called separate account you have is as equally hers as yours even if it only has your name on it.

But then again it may not. You would need to know what your state laws are.
0 Replies
 
jespah
 
  1  
Reply Wed 22 Mar, 2023 05:13 am
@Barry2021,
Talk to an accountant. It's possible that the beneficiary pass-through wouldn't be part any estate or probate at all.

But go directly to a lawyer or at least an accountant and ask someone who does this for a living.

I am a lawyer, but I am not your lawyer. No representation should be inferred or implied.
0 Replies
 
izzythepush
 
  2  
Reply Wed 22 Mar, 2023 05:17 am
@Barry2021,
Barry2021 wrote:

I guess the last time I checked A2K wasn't a legal website.


Next time check the terms of service.
0 Replies
 
bobsal u1553115
 
  1  
Reply Fri 24 Mar, 2023 10:04 am
Free legal, medical (etc) advice is worth every penny you pay for it.

Most of us did not stay in a Holiday Inn express last night.


0 Replies
 
 

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