Situation Updated
- A sibling died.
- There are several heirs.
- One heir was named the sole beneficiary of a life insurance policy, who received and deposited the check.
- There is no will or other document that states how the deceased sibling hoped that the insurance proceeds would be used or otherwise distributed.
Question: Must the sole beneficiary reveal to the other heirs any of the facts about the policy, such as the existence of the policy, the amount of the policy, or anything else?
Clarification Added The beneficiary of the life insurance policy wants to keep it private to avoid family dramas (jealousy, hurt feelings, etc.). Assume that the beneficiary will talk to a CPA about any federal or state obligations (so taxes are not an issue).