Legal Question in Wills and Trusts in New York
Would this legal phrasing apply to proceeds of a life insurance or retirement death benefit for someone who is deceased:
All the rest, residue and remainder of my property, both real and personal, of whatsoever nature and wheresoever situate, or to which I in any way may be entitled at the time of my deceased, I hereby direct my Executor to divide into 6 equal parts.
The retirement death benefit beneficiary was not one of the 6 people listed in the will. It’s my understanding that life insurance policies and retirement death benefits do not pass through a will, but separately. Is that correct or does the language quoted here supersede everything else.
It gets more complicated because the named beneficiary died before his father, who named him as his retirement death benefit beneficiary. Would his wife, as his executrix and sole heir, then inherit or would it revert to the 6 named in the will? This is a death benefit from a NYS Government Employee Retirement plan.
2 Answers from Attorneys
No. Life Insurance beneficiary is entitled to the proceeds.
You just asked this question last week, and now you're adding this "gets more complicated" fact which you could have put in your question originally.
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