TenderUtah
Junior Member
What is the name of your state? Utah
I have a Family Trust doc which was generated in '97. It included life insurance policies. This year I've asked my NYL ins agent to change the beneficiaries from the trust to named individuals. Does that change with the ins co. automatically supercede the trust instructions...or do I need to provide a modification to the trust as well? In other words in the event of my death, would the orig trust take precedent or the newly changed NYL policies' beneficiaries/individuals overrule and receive the monies direct (w/o trust mod)? Also are the named beneficiaries liable for any taxes?
I have a Family Trust doc which was generated in '97. It included life insurance policies. This year I've asked my NYL ins agent to change the beneficiaries from the trust to named individuals. Does that change with the ins co. automatically supercede the trust instructions...or do I need to provide a modification to the trust as well? In other words in the event of my death, would the orig trust take precedent or the newly changed NYL policies' beneficiaries/individuals overrule and receive the monies direct (w/o trust mod)? Also are the named beneficiaries liable for any taxes?