Cana friendmake me beneficiary ofhis life insurance policy?

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Cana friendmake me beneficiary ofhis life insurance policy?

Also, he says that he is leaving me some monetary amount in his Will via a side letter. What is this side letter that he has mentioned?

Asked on December 17, 2010 under Estate Planning, Louisiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

1) Yes, a friend can make you the beneficiary of his life insurance--any one can make any other person a beneficiary.

2) It is possible to have an "amendment" or "codicil" to a will, adding additional terms to it, but if  not done correctly, it will be completely ineffective. I don't believe "side letter" is an official legal term in this context, so it's unclear what exactly your friend means. You might very gently sugest to him in some fashion that if he wants to do this, it's important to make sure the paperwork and procedures are done correctly, or else his generous bequest will not be honored. Generally speaking, whenever wills are changed or amended, it's a good idea to have an attorney do it, to make sure it will be given effect.


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