in settling an estate, is life insurance paid within weeks, while the estate is settled slower?

Question

After death, how long would it take to recieve funds split 4 ways equally? We have to pay various expenses from the life ins. There is no contesting, but am I correct in assuming the life ins. pays out rapidly, while the estate will pay outstanding debts, sell assets, divide, etc?

Answer 1

You are correct, the life ins. pays much sooner than the estate is settled,unless the beneficiary is the estate. If there is a will, it goes through probate, all bills and taxes are paid, assets are divided or sold. The settlement is not until probate is over. You will probably have a lawyer help you with this, there needs to be a executor to take care of expenses, etc, usually one is named in the will. I'm sorry for your loss.