Does a Will take precedence over a life insurance designation?
Question Details:
If a life insurance policy is stated that it's supposed to go to the children of the deceased after they pass away but the will says it's to go into a trust until they reach 40 which one do they use?
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In this instance, the terms of the insurance policy will prevail. Proceeds from such a policy are paid directly to the designated beneficiary and do not become part of the probate estate. Therefore, the Will has no legal force or effect here. Whoever is listed as a beneficiary on the policy will receive the proceeds.
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