Hero Image

November 2024 Question and Answer

QUESTION

I have a life insurance policy that names my son as beneficiary. Should I also include this policy in my will?

ANSWER

It wouldn’t hurt anything, but no, you don’t. That’s because life insurance beneficiary designations take priority over terms of a will, even if they differ. The same holds true for the beneficiary designations of retirement plans and annuities. This is a good time to remind you that keeping all your beneficiary and contingent beneficiary designations current would be best. If you’re interested in your beneficiaries getting the most from the benefit without triggering estate taxes, or you want to avoid the public glare of probate, you might consider putting the life insurance policy in a trust.

12101 Woodcrest Executive Drive, Suite 300
St. Louis, MO 63141
P: 314-205-2510

© 2024  Conner Ash, P.C. All Rights Reserved.
Website Design by Captiva Marketing