will and ex husband

[mommyo3]

When I was married to my exhusband, we had wills drawn up and in each will, we listed our children to receive our life insurance in case anything ever happened. (My son and his 2 daughters).

I just realized (4 yrs later) that I have not changed my will. I have 2 more sons now and am remarried. My husband and I were going through some old papers and I came across my will.

If anything did happen to me, would my exhusband and his kids reap the benefits of the life insurance money or do I need to have my will changed immediately?

Thanks for your help! I am in Tenn.

 

[ALawyer]

NEVER name a beneficiary for your insurance in a Will --

Contact each insurance company (or if your insurance was obtained as part of a benefit plan through your employer, the employer) immediately and ask for a new Beneficiary Form. Then name the beneficiaries of your choice and file the new Beneficiary designation with the insurance company (or employer) and ask for written confirmation that it has been received and filed. In the event of your death, the insurance companies would pay the proceeds directly to the beneficiaries you name without having the proceeds going through the delay, expense and hassle of probate.

One caution: if you name a minor child as a beneficiary, the insurance company can not pay money to the minor child. Depending on the state the company would hold on to the money (at interest) until the child turns 18, or pay it to a court appointed custodian or local bank (where it may be held at even lower interest). Where the amount of proceeds would be significant, it often makes sense to have a lawyer create a trust for the minor and have the proceeds payable to the trustee for use according to the terms of the trust.


There is a beneficiary designation trust that MetLife Trust Company has that is OUTSTANDING for this purpose and costs only a little bit to set up. https://law.freeadvice.com/mettrust1.htm

Leaving money to a second spouse in the hope that the spouse will care for your children, rather than his sometimes produces sad results.

 

[mommyo3]

Thanks AL for your reply. I assume that my ex has changed his will, I can't believe that I just forgot about that.

My new husband and myself are setting up an appt with an attorney to have new wills drawn up.

Thanks again!