Fleur asked in Business & FinanceInsurance · 5 months ago

Hoe do I include my life insurance in my will?

I want the remainder of my life insurance policy to be split among my siblings after my funeral is paid for. But how do I word this in my will. The beneficiary of my policy is same as with my other things. Thanks

9 Answers

  • Anonymous
    5 months ago

    Specify the beneficiaries as follows:

    The funds from this policy are designated to pay funeral requests.

    Any remaining funds are to be divided equally between the following persons:

    1. sib 1

    2. sib 2


  • car253
    Lv 7
    5 months ago

    Never list your "estate" as the beneficiary.    Name the beneficiary your siblings with equal shares.   Then let them know that you want them to share in the funeral expenses.   Or handle the funeral expenses through your estate.   But do NOT name your estate as beneficiary.   This way your siblings get immediate payment by the insurance company.   And, they do not have to wait for your estate to settle, which could take forever.    Especially now with the courts all backed up. 

  • 5 months ago

    Maybe you don't realize that we don't know how you listed your beneficiaries for your "other things."  You'd have to pay the insurance to your estate for your will to have anything to do with the money.  

    A smarter, yet more expensive, way to get his done is to set up a trust and name trustees.  Naming beneficiaries directly is a big mistake as they have ZERO obligation to pay for your funeral.  It's a very common question here, "My brother got the life insurance money and won't help pay for my dad's funeral, can I sue him?"...Nope...'cause it's his money.  He can do as he pleases.

  • 5 months ago

    If the beneficiary of your policy is alive, then that person gets all of it (not just the remainder after the funeral is paid), regardless of what your will says.

    If you want to include it in your will, then you have to change the beneficiary of your life insurance policy from whomever it is now to "my estate".

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  • 5 months ago

    Life insurance is paid to the beneficiaries listed on the policy, not your will. You either trust they will pay the funeral costs equally from their shares, or entrust one beneficiary to do so and leave the additional funds to them in the policy.

  • 5 months ago

    Life insurance bypasses your will.  By all means make your beneficiaries the same as those in your will but you will need to make everything clear as the insurance company will not have access to your will so name them, give percentages, per stirpes etc.  Also tell the beneficiaries what you have done.  Making the funeral home one of the beneficiaries is not a good plan as you do not know how much money will be needed.

    Generally funeral expenses are managed by your executor who (presumably) is one of the beneficiaries of both your will and your insurance policy.  Why not speak to him or her about how he would like to handle this?  A separate 'funeral' savings account with both you and the executor named so that the contents pass directly to him is often the simplest and best.

  • Eva
    Lv 7
    5 months ago

    The beneficiary of the policy takes precedence over anything in your will. If your estate is the beneficiary, then you can make the request through your will.

  • 5 months ago

    You need to provide "assignment" paperwork to the funeral home/mortuary/cemetery.  This will cover any expenses that are incurred as part of your funeral/burial.

    The beneficiaries that are listed on the life insurance policy will receive any month that is available after that. 

  • Lili
    Lv 7
    5 months ago

    You need to do this by making your siblings the beneficiaries of the policy along with whoever else is.  You can then state in your will that you expect your siblings to use part of the benefit to pay for your funeral, assuming there's no estate money available to pay for it. If there is, that money should be used.

    A lawyer will tell you what to do. See one. Don't assume that a will you draw up yourself will be considered valid. Some states don't accept holographic wills.

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