Legal Question in Wills and Trusts in Massachusetts
Beneficiaries
If a person is the benificiary on an insurance policy, and someone else is named is a will, which is legally binding?
Asked on 8/04/06, 12:15 pm
2 Answers from Attorneys
Re: Beneficiaries
An insurance policy is bound to pay to the named beneficiaries in order of preferance. If no beneficiary is alive at the time of the decedents death, then the polciy will paid to the decedents estate.
Answered on 8/04/06, 1:41 pm
Alan D. Humbert
Law Office of Alan D. Humbert
Re: Beneficiaries
If the policy names the deceased's estate as the beneficiary, than the proceeds go into the estate. Otherwise, if there are named beneficiaries, then they are entitled to receive the proceeds.
Regards,
Alan
Answered on 8/04/06, 2:00 pm