QUESTION
In my will, if I am not married but have minor children, do I have to specify anything about my life insurance policy?
Asked on Sep 14th, 2017 on Estate Planning - Illinois
3 ANSWERS
Estate Planning Attorney serving La Grange, IL
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Law Office of T. Phillip Boggess
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Your life insurance policy should have beneficiaries named within the policy. Therefore your will would only come into play if there was no beneficiary or you named your estate both of which I would not recommend doing.
Answered on Sep 18th, 2017 at 10:05 AM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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Life insurance policies have designated beneficiaries. if there is no designated beneficiary the life insurance death benefit will be distributed to your estate and be distributed according to the terms of your will regarding the residuary beneficiary distribution.
Answered on Sep 17th, 2017 at 7:18 PM
Your life insurance policy is not governed by your will. You have a named beneficiary. If you were to name your estate as the beneficiary, then the proceeds become part of your general estate. Otherwise it is not part of your probate estate and not governed by your will provisions.
Answered on Sep 17th, 2017 at 9:38 AM