Legal Question in Wills and Trusts in California
Beneficiary
I have been told by my employer that any Beneficiary that I name on my insurance must be a relative, or the insurance monies will go to the state. Is this a true statement? I was also told that I had to tell my children about the Beneficiary. What if I don't want them to know?
2 Answers from Attorneys
Re: Beneficiary
I dont know about your case but many insurance policies do require family to be named as Beneficiary and if one is not named it does not go to the state but will go to your ESTATE to be disdributed via your will. I dont know why your children would have to be told anything. you may just want to have the insurance go to your estate by not naming anyone and you can certainly keep you will a secret.
Re: Beneficiary
Generally speaking, you can name whomever you want as a beneficiary. However, if you are married, your spouse has a community property interest in the policy. Therefore, if you name someone other than a spouse most insurers will insist the spouse agree to it. Of course, the policy in question might have its own special rules and your employer may be correct. Lastly, it would be very unusual for the policy to require the beneficiary to know of the designation.
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