Insurance Maze Blog

Feb 5

Life Insurance-Does A Will Change Things?

Category: Life Insurance post

February 5, 2008

Do you understand how your life insurance proceeds will be distributed at your death? Do you have a written, legal Will? The confusing part here is that we name a “beneficiary” in both documents, but does one have anything to do with the other?

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Wills

Some people have Wills, others do not and still other people feel they just don’t need one.

Why You Just Might Need A Will

If you want to name a guardian for your minor children
If you want to name a trustee for money left to minor children
If you want to specifically state how your possessions (except life insurance) are distributed at your death

If you die without a Will, your state will write one for you and the court will make all the decisions according to state law.

Life Insurance Beneficiary

The “beneficiary” designation in your life insurance policy can very well be the most important part of the policy.

The “beneficiary” designation in your Will has no affect on the “beneficiary” designation in your life insurance policy, unless you have named your beneficiary as “Estate”.

No, a Will does not change a beneficiary designation in a life insurance policy.

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