QUESTION
Is a life insurance policy discussed in a will?
Asked on Oct 07th, 2013 on Estate Planning - Michigan
More details to this question:
I have life insurance with my company, but want to get my own life insurance. Do I need to change my will and list the policy info?
16 ANSWERS
2 Awards
No, you can simply name beneficiaries to the policy and it will not go through the will and avoid probate altogether.
Answered on Oct 09th, 2013 at 4:28 AM
Admiralty / Maritime Attorney serving Monrovia, CA
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The Law Office of Nathan Wagner
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You will designate a beneficiary for your life insurance policy. That beneficiary receives the life insurance money, regardless of whether they are named in the will. (However, if you designate your own estate as the beneficiary, the life insurance money is distributed according to the will. Most people do not do it this way.) In any case, your will does not need to mention the life insurance policy.
Answered on Oct 09th, 2013 at 4:02 AM
Edwin K. Niles
The only assets which pass by will are those in the testator's name alone, with no joint tenant or named beneficiary. Normally, an insurance policy has a named beneficiary, so the will does not act on the ins.
Answered on Oct 08th, 2013 at 2:10 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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No. The proceeds of the life insurance policy will go to the named beneficiary, and is not controlled by the will.
Answered on Oct 08th, 2013 at 3:32 AM
No, you do not need to discuss the policy in the Will unless you name your estate the beneficiary of the policy proceeds.
Answered on Oct 08th, 2013 at 3:15 AM
Divorce Attorney serving Bingham Farms, MI
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Gottlieb & Goren, P.C.
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You should designate beneficiary through the benefits office of your employer so that policy does not pass through your will.
Answered on Oct 08th, 2013 at 2:47 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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No life insurance passes outside of your estate and has no effect on your will.
Answered on Oct 08th, 2013 at 2:46 AM
Probate Attorney serving Saratoga, CA
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Douglass Law Group
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A life insurance policy will pass to the beneficiary you have specifically designated, and will pass outside of probate. However, if there is no beneficiary designated or the beneficiaries you had named are no longer living, the estate is the beneficiary and it will have to go through probate.
Answered on Oct 07th, 2013 at 2:21 PM
Thomas Edward Gates
You do not need to list it in your will. The insurance policy will permit you to identify beneficiaries you wish the proceeds to go to. This will by pass probate and go directly to the designated parties.
Answered on Oct 07th, 2013 at 2:16 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Life insurance policies pay to the named beneficiaries. If you have specific reasons to do so you can make the insurance subject to the will by making your personal representative (as such) the beneficiary, but this is usually not useful.
Answered on Oct 07th, 2013 at 2:16 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You certainly can obtain your own life insurance, and name beneficiaries; you should consider naming your trust as a beneficiary which allows you to control and manipulate the disposition of the proceeds, when the trust becomes effective on your death. If you name a specific beneficiary on a life insurance policy, you may want to change the beneficiary but never get around to doing so; when you die, the proceeds go to the named beneficiary, which may be to someone you don't want. Set up the trust first, then obtain yourself a term life policy of a significant amount while you are young, which will remain cheaper in premium over the long run, naming the trust as the beneficiary.
Answered on Oct 07th, 2013 at 1:29 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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No. Life insurance normally passes by way of beneficiary designation, so it would be very unusual for you to mention it in your Will. The Will governs only assets that pass through probate. Insurance almost never does so.
Answered on Oct 07th, 2013 at 1:29 PM
The insurance policy does not need to be mentioned in the will unless you are making your estate the beneficiary of the policy.
Answered on Oct 07th, 2013 at 1:28 PM
3 Awards
Usually you name a beneficiary to a policy, so it does not pass pursuant to your Will. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Oct 07th, 2013 at 1:28 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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You do not need to change your will. Your life insurance policy presumably will name beneficiaries, and they will get the proceeds. Your will would govern the proceeds only if the beneficiary is your estate (or you name no beneficiary).
Answered on Oct 07th, 2013 at 1:28 PM
You can designate your beneficiaries in the policy.
Answered on Oct 07th, 2013 at 1:27 PM