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Clarification of beneficiary

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B

Bob Legal

Guest
My family is in the process of settling an estate in New York. The will of the deceased specifies that certain
insurance policies, pensions, and stocks go to one party, yet the beneficiary specified on those policies go to a different party. Which document takes precedent over the other?
 


ALawyer

Senior Member
The beneficary designation on file with the life insurance company, and the IRA / 401k administrator normally trumps the one stated in the Will.
 
A

advisor10

Guest
FEB 9, 2001

DEAR BOB LEGAL:

The beneficiary designation named on the policies takes priority control over any contrary provisions in the will.

If he intended changes later, he could have and should have made changes in the beneficiary designation by filling out a brief form or a notarized letter to the insurance co., pension fund and stockbroker. It is possible he might not have known to do this, which also underscores the importance of discussing your will or estate planning with an attorney or accountant so that these potential situations can be anticipated and resolved in advance.

Let me guess: Was the original beneficiary on the insurance policy the deceased's first wife whom he subsequently divorced, and he later remarried and now wants the second wife to be the new beneficiary?

SINCERELY,

[email protected]
 

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