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McMill Building

125 S. 4th Street

Norfolk, NE 68701

 

Phone:     402-371-1160

Toll Free: 800-694-1160

 

Website: www.mcmill.info

November 2024

November 2024 Q and A

November 2024 Q and A

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.


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