Is a Will or Trust necessary since I want to make sure my current wife gets my life insurance not my kids or ex-wives?

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Is a Will or Trust necessary since I want to make sure my current wife gets my life insurance not my kids or ex-wives?

Asked on August 29, 2012 under Estate Planning, Pennsylvania

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 8 years ago | Contributor

A will or trust is not necessary to make sure your current wife gets your life insurance.  It is necessary that you name your current wife as the beneficiary on your your life insurance.  If I were you, I would also name a secondary beneficiary in case your wife predeceases you.

Having said this, it is a good idea to prepare a will in addition to naming a beneficiary on your life insurance.  Why would you hesitate to prepare a will?  You never know what will happen in the future and it sounds like you care what happens to your assets.  It is not expensive to prepare a will and it ensures that your assets go to the people you want to get them.


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