WA Funeral Insurance leftover money query plus valuation query?

Discussion in 'Wills and Estate Planning Law Forum' started by Sue Stubbins, 6 December 2018.

  1. Sue Stubbins

    Sue Stubbins Member

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    Hi,
    My brother and I were nominated beneficiaries for my late mum's funeral insurance fund plus we are both Executors to my mum's estate . The funeral insurance policy was not part of the will. After funeral expenses were paid, the remaining $1800 were placed into a bank account with the intention of using it to put towards a headstone. We have a sibling (estranged) that is a beneficiary to the estate that is saying the excess money is to be added to the estate.Is this the case? I have searched online for answers cannot find an answer.
    Also my brother is considering buying out my sister's share of mum's house, which was to be divided equally between the 3 of us. Is he required to get a market valuation or independent valuation of the house?
    Thanks in advance
    Sue
     
  2. AdValorem

    AdValorem Well-Known Member

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    Hi Sue

    I think you have answered your first question - 'My brother and I were nominated beneficiaries for my late mum's funeral insurance fund'.
    If you and your brother are the nominated beneficiaries of the insurance policy the payout does not form part of your late mother's estate.

    Since you are not selling the house best practice is to value it to avoid later disputes. Make sure all 3 of you appoint the valuer jointly.
     
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  3. Sue Stubbins

    Sue Stubbins Member

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    Thank you :)
     
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