A Life Insurance Family Provision Claim depends on whether the Life Insurance Policy forms part of a deceased Estate and that depends on the type of policy, whether there were any binding nominations in relation to the policy and in whose name it was held.
The main issue that arises in relation to Life Insurance policies is whether it forms part of the Estate of the deceased and if it did not, whether there is any potential to have the policy regarded as part of the deceased’s Estate in a Family Provision Claim.
It is becoming more common for Life Insurance Policies to be set up so they are excluded from the will and distributed directly to the beneficiaries named in the policy. The main attraction in setting it up in this way is the possibility of avoiding the monies paid under the policy being vulnerable to a Family Provision Claim.
If you are in the situation where you are a beneficiary under a Will, where a major asset is their Life Insurance Policy you should seek legal advice. Often, the effect of having the Life Insurance Policy dealt with outside the Estate is that any case you bring will only include the assets excluding the policy.
At GMP Contesting a Will Lawyers we have the expertise you need to answer your questions on Life Insurance Policies and a Family Provision Claim. We have extensive experience in all State jurisdictions so have the ability to assist client’s throughout Australia.
The law surrounding will disputes is complex which is another good reason to seek expert legal advice. We can explain the type of Life Insurance Policy and whether it forms part of the Estate of the deceased. If it does not, we will explain your options in relation to having the policy included in your case.
Please do not delay in seeking legal advice if you think you have a case. Phone us on 1800 004 878 and we will arrange an appointment at an office convenient to you.