Beneficiaries

[goillini52]

Will put your poison in your suppositories...

Nobody's sticking anything up my ass...except my Urologist.

 

[goillini52]

Is this a veiled reference to Cosby??

You talkin' 'bout the convict?

 

[mudhound]

no rights what so ever.
In reality, about 98% of them will know how much the policy is for

 

[somarco]

100 percent not information they will be allowed to know

Yoda?

 

[VolAgent]

There may be some situations where a will may list a life contract and that could change what information my be available.

A will does not override a beneficiary designation. The only time a will would matter is if the estate was listed as beneficiary or there was no beneficiary.

As you stated earlier, a beneficiary, unless irrevocable, has absolutely no rights under the policy. Unless irrevocable, the beneficiary can be changed at any time for any reason. Only once the insured has died does the beneficiary have any rights.

 

[Life Hawk]

A will does not override a beneficiary designation. The only time a will would matter is if the estate was listed as beneficiary or there was no beneficiary.

As you stated earlier, a beneficiary, unless irrevocable, has absolutely no rights under the policy. Unless irrevocable, the beneficiary can be changed at any time for any reason. Only once the insured has died does the beneficiary have any rights.

No the will cannot override the contract... but the will may drive what information is available. For instance, a will may direct the executor to read the life contract and inform others of its content. Or... it may stipulate that distributions from the estate, including all life proceeds, be enumerated and made available for view.

If a policy is listed in a will, the contract will remain in contact, but information regarding the contract and dissemination of information can very well be directed by the will.

I tend to tell clients that life policies are often better served by remaining out side the will.

 

[VolAgent]

No the will cannot override the contract... but the will may drive what information is available. For instance, a will may direct the executor to read the life contract and inform others of its content. Or... it may stipulate that distributions from the estate, including all life proceeds, be enumerated and made available for view.

If a policy is listed in a will, the contract will remain in contact, but information regarding the contract and dissemination of information can very well be directed by the will.

I tend to tell clients that life policies are often better served by remaining out side the will.

That assumes the executor can find the life policy or is a beneficiary. This is getting more into legal territory, but I believe the insurance company is under no obligation and should in fact refuse to share information with the executor who is not a beneficiary. Further it assumes that nothing has changed or that confirmation of changes was stored with the policy.

And yes, your last statement is definitely correct. For the vast majority of insureds, the will and life insurance policy should remain completely separate.

 

[WGO]

I should have been clearer in my original post. I was also interested in the same situation after the insured has died. After the death, do beneficiaries have the right to know who the other beneficiaries are?

 

[Life Hawk]

I believe the answer your looking for is no.

The contract is in place to fulfill the request of the owner. Beni's have no right... they just benefit from the will of the insured/owner.

 

[Todd King]

I should have been clearer in my original post. I was also interested in the same situation after the insured has died. After the death, do beneficiaries have the right to know who the other beneficiaries are?

The ONLY time a bene would be privy to that info is if they are the owner too.