How can I make my living will override my life insurance?
I have SGLI (Servicemember?s Group Life Insurance), and I want everything I have/will earn to go to someone other than who I listed as beneficiaries.
My girlfriend will have my son in 4 months. So can I make it so that all my money goes to him when he?s born if I die before then? And I can?t contact the SGLI office, I want to write a will saying ?If I were to die, I would like all my money/future monetary earnings to go to my son?. Will this legally override who I put on my SGLI form?
In short I want everything to go to my son when he?s born if I died before then and nothing to go to who I PREVIOUsly stated for all my money to go to. Will it be legal or will they say ?Oh well he?s not on the SGLI so these people get the money instead??
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You cannot ?override? your life insurance beneficiary. Life insurance bypasses probate. The only way for it not to bypass probate is for you to declare your estate as the beneficiary.
A ?living will?, by definition, applies only while you are still alive, and does not do anything after you die.
A will that affects what happens after you die is called a ?last will and testament?, not a ?living will?.
If you want the life insurance money to go to someone other than the beneficiary, then change the beneficiary on the insurance form and list whomever you do want to receive the money as the beneficiary. Do not rely on the will.
2 years ago
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What you are thinking of is a living ?trust? (which has to do with control of your assets and inheritance), not a living ?will? (which has to do with health care or life support when you are unconscious or not of sound mind). But nothing (except fraud or a mistake) overrides life insurance beneficiary, so for the trust to control that, you would have to make the trust the beneficiary.
But why don?t you simply make your girlfriend the beneficiary now ?per stirpes? [which would pass on to her descendants (your child) even if she did not make it through childbirth]. And change the beneficiary to your child after birth?
If you are going to do a living trust, make sure that it is all legal and proper.
2 years ago
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