The inventory of the estate arrives, and it is surprisingly brief. A current account with a four-figure balance, a car, household effects. The securities portfolio, which had been the subject of family discussion for years, does not feature on the list. The life insurance payout has already been made \u2013 to my father\u2019s new partner. When I ask about it, I\u2019m met with a statement intended to put an end to any further discussion: \u2018That\u2019s not part of the estate.\u2019.<\/p>\n\n\n\n
The unpleasant thing about this is that it is usually true. Anyone who, during their lifetime, designates a beneficiary in the event of their death for a bank account, investment account or insurance policy ensures that this asset bypasses the normal line of succession when they die. It is not mentioned in any will and does not appear on any certificate of inheritance. It does not go to the heirs.<\/p>\n\n\n\n
However, that does not mean the matter is settled. Anything not included in the estate is recouped via a second claim, and this often carries greater weight than the compulsory share itself. Unlike in the case of property transferred at an early stage, the passage of time rarely works in the other party\u2019s favour here. This article explains how such arrangements work, what you are left with as a result, and how you can tell that they have even taken place.<\/p>\n\n\n\n