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There is a will in place that states we need to share all assets between the siblings

My brother hastily did a will while on hospice. He did not remember that beneficiaries were taken off the table in probate and he had no way of returning home to review his finances and fix the paperwork. His life insurance policy went to my 95 year old mom living in memory care who was financially secure. As executor, there was nothing I could do according to state laws. This is why it is important to do a review of assets every 5 years. At the time that his policy was underwritten which was 7 years prior, he felt that my mom had a need, not knowing her financial assets at that time. As I was mom's POA I was not obligated to tell him. I am afraid you are out of luck.
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Reply to MACinCT
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Money left to a beneficiary is not an asset and not part of the estate. The beneficiary does not have to share the money they have received. If they do, then taxes need to be paid because life insurance policies are not part of the estate unless worded as such. The benefciary gets to keep it all.
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Reply to JoAnn29
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I doubt it. I mean you can hire an attorney and ask, but understand that they cost between 400 and 800 an hour. Do you want to pay that? Because in contesting assigned beneficiaries you are in a losing battle. The argument you are left with is "She/he 'forgot' me". And that's not usually the case. Parents make assignments of cash differently for all sorts of reasons. Anything from "This one did more for me" to "I simply get along with him better and he enriched my life more".

Moreover, let us even say your brother is a swell guy and wants to give you 1/2 of this money he got from insurance policy. The truth is that he cannot easily do that without paying gift taxes himself.

I would simply leave this. You say there is a will leaving you one half of the assets otherwise. Be happy with that. Move on.
But ultimately, up to you to see an attorney, pay HIM/HER your money, and find out what you can/want to do.
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Reply to AlvaDeer
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My dad’s life insurance went to my oldest sibling. I was executor of his will, but the life insurance beneficiary was nevertheless the sibling. Nothing to be done to alter it. A funeral policy paid for funeral costs only. No money from it came to anyone. The will split all other assets but these items fell outside the will. Not sure anyone can alter or sure their way around a named beneficiary
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Reply to Daughterof1930
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