Your will and your policy need to be consistent. Do what you can to amend your will with the assistance of your trusts/estates attorney that prepared the will, and have them write to the insurance company to change the beneficiary so nothing is left to chance.
These are the sort of things that make probate a mess. Make life easier for everyone and talk to an attorney about doing this correctly.
The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.
The person designated as beneficiary on the insurance will be the beneficiary. The beneficiary designation takes precedence over the terms of the Will. If you designate the ESTATE as beneficiary, or if you fail to designate a beneficiary, then usually, the Will determines who receives the policy. Sometimes, if you fail to designate a beneficiary, the insurance company has special provisions for how they deal with it, and they CAN bypass the Will and probate.
It is always best to designate a beneficiary, whether it is simply to confirm what it says in the Will or to provide for someone outside of the Will.
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I agree with the answers of the other two attorneys.
It is important to note that if you include the beneficiary on the specific life insurance policy, it typically takes less time for everything to be processed and there will be less hoops for the beneficiary to jump through. As such, this can be very helpful for the beneficiary who is grieving over the loss of you.
Yes and no. The policy will probably pay to the estate and then the will would take over. This results in probate expense of a non probate asset as you could avoid probate by nameiong the B with the life insurance company. make sure you specify a secondary B.
You could create a Living Trust and name the trust as the beneficiary and let the tust dispose of the proceeds
If will conflicts with policy the Life insurance company will pay to the named beneficiary. A will contest could thenresult. Better to make sure they are consistent. A living Trust may better fit your needs
The information herein is for informational purposes and general information purposes. It should not be relied upon. Consult an attorney for legal advice that you can rely on.
It is essential that you speak with a Florida attorney. In New Jersey when you name a specific beneficiary, upon your death that account passes to the beneficiary immediately WITHOUT going to probate through your Will. So, if you name a beneficary for example on a bank account but your will says everything you have gets split bewteen 3 people then that asset goes to just that one person and not split 3 ways as per your Will. You should sit down with an Estate Planning Lawyer asap.
This is general advice and you should have a local lawyer perpare your Will and review your Estate to make sure your wishes are properly reflected.