Legal Question in Business Law in Indiana
Contractual Precedence
My wife and I are filing ''self construed'' divorce papers.In it,she is requesting that I maintain Life insurance on myself,with our two children (ages 13 and 28) as beneficiaries,for an indeterminite period of time.
If I agree to this; then subsequently have a will prepared, leaving my life insurance to a different person;Upon my death, which contract would prevail?? Would my wife have grounds for breach of contract and be able to contest the will?? Etc.
Thank you for your assistance,
S.G.B.
1 Answer from Attorneys
Re: Contractual Precedence
You should first understand that an insurance policy takes care of itself outside a will. The named beneficiaries will take the proceeds. This is a third party beneficiary contract made with the insurance company.
Naming the the younger child is understandable, but the 28 year old is another matter. As that child is of an age thought to be independent and emancipated, this child should not even be an issue in this dissolution.
However, if you named the younger child and attempted to will it away the insurance proceeds, chances are the insurance company would only recognize the beneificary named in the policy.
You may wish to consider involving an attorney in this matter
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