Legal Question in Wills and Trusts in New York

Re: Does a Will supersede a Life insurance policy?

Except in unusual circumstances do the provisions of the Will override the designation provisions of the insurance policy.

From what you describe, the insurance proceeds would go to the one child.

The executor is responsible for the payment of reasonable funeral expenses to the extent money in the estate is available. The recipient of the insurance proceeds is under no obligation to pay the funeral expenses, unless that person agreed to pay.

Re: Does a Will supersede a Life insurance policy?

The naming of a beneficiary in a Life Insurance

Policy takes precedence over a provision in

the Will. The naming of a beneficiary

makes the Life Insurance Policy a non-probate

asset. The will controls disposition only

of probate assets.

Re: Does a Will supersede a Life insurance policy?

Certain asset registrations and beneficiary designation supercede the language of a Will, whether the Will was made before or after the asset was acquired. Thus, jointly registered assets (bank accounts, securities, real estate, etc.) and assets carrying a specific beneficiary designation (like life insurance, retirement plans, etc.) are controlled by the registration and/or beneficiary designation, not the terms of the Will. Thus, the life insurance designation would override the Will. However, there is a recent body of law developing sometimes called "accomodation account" law which can override traditional law on account registrations or designations. If it can be established (and litigation may be required) that the intent of the person registering or making the designation was not to make the named person the absolute owner of the asset, but they were named merely to accomodate the person (e.g., a child living locally with others living more remote is named, so access can be had in emergencies or if there was an incapacitating event necessitating someone have access to the asset - or to assure certain bills were to be paid - or if one of the beneficiairies intended to receive a part of the asset cannot have assets in their own name) what is called a constructive trust is imposed on the asset to benefit all heirs, not just the named person. There must be convincing proof of this intent to override the designation. As stated above, a suit may be necessary to establish this intent.