Whole Life Insurance And Your Will

By Compuquotes Team on August 4th, 2008

There are lots of things to think about as you are looking at life insurance issues. One of the things that you need to think about is your will and how your next of kin is represented in the will. Often the whole life insurance policy will have a person listed as the beneficiary of your money if something happens to you. However, if the life insurance policy is counted as assets, and there is someone different than your beneficiary listed as the person who gets your assets, there could be a problem with your life insurance money. Therefore, you want to be sure that as you are working with your life insurance money, you are doing all that you can to be sure that you have made your will match the information in your policy.

First of all, it is always going to be important that you have a will. You want to be sure that you have a will because this is the one way that you have to make sure you know who is going to take care of your things and who will get any of your assets when you die. Remember that you should update your will so that you will be aware of changes in your life. Remember to update your will when you get married, and be sure to update it each time you have children. You want to be sure that you are keeping your will current, so that there will not be any problems with anything after you die.

The next step is to make sure that the information in your will matches the information in your insurance policy. There are two ways to do this. One is to be sure that the name of the person or people who gets the money from your insurance policy is the same name or names that are listed in your will as the person or people who get to have your assets when you die. However, in some situations this might not be correct, because you might have different wishes for your property than for the money from your insurance policy. If this is the case, you need to keep the names in your insurance policy, and then be sure to add a note into your will that states that although someone else is the beneficiary of your will, a certain person or group of people should get the money from your insurance policy. This can help to clear up any confusion, and to let everyone know what your wishes were before you died. This is especially important if you have been married more than once and have children with different spouses. It can be very confusing for them to figure out what you intended to do with your assets and with the money from your insurance. So, if you spell it out for all of them in your will, you probably won't be having any other problems with it. That way, you can be sure that all of the money goes to the right place.

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