LD News: “A frequently overlooked aspect of estate planning is giving full consideration to beneficiary designations on life-insurance policies you possess.
It is important to keep in mind that if you prepare a will, the will does not usually control the distribution of your life-insurance proceeds. Therefore, when you are making or revising your will, equal attention should be given to your life-insurance beneficiary designations.
Frequently, an individual will change his will but entirely overlook his life-insurance beneficiary designations. This problem is made worse by the fact that life-insurance proceeds occasionally have a greater value than the estate assets that are being distributed by the person’s will.”