Is a life insurance policy discussed in a will? 22 Answers as of October 09, 2013

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?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
James Law Group
James Law Group | Christine James
No, you can simply name beneficiaries to the policy and it will not go through the will and avoid probate altogether.
Answer Applies to: California
Replied: 10/9/2013
Law Office of Nathan Wagner
Law Office of Nathan Wagner | Nathan J. Wagner
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.
Answer Applies to: California
Replied: 10/9/2013
Law Ofices of Edwin K. Niles | 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.
Answer Applies to: California
Replied: 10/8/2013
Law Office of Pamela Braynon | Pamela Y. Braynon
Insurances normally have designated beneficiaries. Thus the insurance company will pay the named beneficiary once you pass away. It is not necessary to list the insurance information. However, you can mention in your will what you would like the beneficiary to do with the proceeds of the policy, its not uncommon to do so.
Answer Applies to: Florida
Replied: 10/8/2013
Law Office of Patricia A. Simmons
Law Office of Patricia A. Simmons | Patrica A Simmons
If you have designated a beneficiary for your policy, those funds are paid outside of the probate process and there is no need for you to include that asset in your will. If you do not name a beneficiary, the proceeds will be paid to your estate.
Answer Applies to: California
Replied: 10/8/2013
    Law Office of Edward M. Burgh, APC | Edward M. Burgh
    It can be but if it puts your estate higher than $500,000 it is usually put in an Irrevocable Trust.
    Answer Applies to: California
    Replied: 10/8/2013
    Attorney At Law | James G. Maguire
    No. The proceeds of the life insurance policy will go to the named beneficiary, and is not controlled by the will.
    Answer Applies to: Louisiana
    Replied: 10/8/2013
    Kokish & Goldmanis, P.C.
    Kokish & Goldmanis, P.C. | Bernard H. Greenberg
    No, you do not need to discuss the policy in the Will unless you name your estate the beneficiary of the policy proceeds.
    Answer Applies to: Colorado
    Replied: 10/8/2013
    James T. Weiner & Associates, P.C.
    James T. Weiner & Associates, P.C. | James T. Weiner
    No life insurance passes outside of your estate and has no effect on your will.
    Answer Applies to: Michigan
    Replied: 10/8/2013
    Gottlieb & Goren, P.C.
    Gottlieb & Goren, P.C. | Aaron W. Goren
    You should designate beneficiary through the benefits office of your employer so that policy does not pass through your will.
    Answer Applies to: Michigan
    Replied: 10/8/2013
    Douglas P. Barnes, A Professional Law Corp.
    Douglas P. Barnes, A Professional Law Corp. | Judith N. Douglass
    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.
    Answer Applies to: California
    Replied: 10/7/2013
    Gates' Law, PLLC | Thomas E. 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.
    Answer Applies to: Washington
    Replied: 10/7/2013
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    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.
    Answer Applies to: Oregon
    Replied: 10/7/2013
    Donald T. Scher & Associates, P.C.
    Donald T. Scher & Associates, P.C. | Donald Scher
    If you want the proceeds of a life insurance policy to be paid according to your Last Will, then you need to designate your estate as the beneficiary of the policy, both on the company policy and on any policy that you own individually. You do not need to list the policies in your Will, but you do need to be sure that your Will is up to date at all times and that your Will was validly made and legally executed. "Discussing" a policy in your Will has no effect unless the beneficiary of the policy is your estate.
    Answer Applies to: Arizona
    Replied: 10/7/2013
    Charles M. Schiff, Attorney at Law
    Charles M. Schiff, Attorney at Law | Charles M. Schiff
    If you name a beneficiary for your life insurance policy, it does not pass under your will. There is no need to mention it in your will. If you do not name a beneficiary, your estate becomes the beneficiary. Again, there is no need to mention the policy in your will. The Personal Representative of the estate will receive the insurance proceeds on behalf of the estate and distribute them accordingly.
    Answer Applies to: Minnesota
    Replied: 10/7/2013
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    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.
    Answer Applies to: California
    Replied: 10/7/2013
    Ben T. Liu Law Office
    Ben T. Liu Law Office | Ben T. Liu
    You can designate your beneficiaries in the policy.
    Answer Applies to: Michigan
    Replied: 10/7/2013
    Arthur H. Geffen, P.C.
    Arthur H. Geffen, P.C. | Arthur Geffen
    Typically life insurance is payable to a named beneficiary and thus there is no need to mention a specific policy in your will. There are circumstances, however, when a policy can be payable to the Estate of... I would suggest that you discuss this with your estate planning professional to make sure you understand all of the ramifications.
    Answer Applies to: Texas
    Replied: 10/7/2013
    Irsfeld, Irsfeld & Younger LLP | Norman H. Green
    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).
    Answer Applies to: California
    Replied: 10/7/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    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.
    Answer Applies to: Nevada
    Replied: 10/7/2013
    Estrada Law P.C. | Michele Ungvarsky
    The insurance policy does not need to be mentioned in the will unless you are making your estate the beneficiary of the policy.
    Answer Applies to: New Mexico
    Replied: 10/7/2013
    Frederick & Frederick PLC | James P Frederick
    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.
    Answer Applies to: Michigan
    Replied: 10/7/2013
Click to View More Answers:
12 3 4 Free Legal QuestionsConnect with a local attorney