If I have my daughter on an insurance policy at work but in my Will my son recieves a 100% of any insurance proceeds, does the Will prevail?
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If I have my daughter on an insurance policy at work but in my Will my son recieves a 100% of any insurance proceeds, does the Will prevail?
Asked on June 3, 2012 under Estate Planning, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Generally speaking, a beneficary designation - which is what I think you mean here with the policy at work - will over ride the Will, so to speak. This is because if an insurance policy has a properly executed beneficiary designation then it passes "outside" the Will and directly to the person named. Therefore there are no proceeds for the WIll to distribute. Good luck.
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