Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Legal matters

Mumsnet has not checked the qualifications of anyone posting here. If you have any legal concerns we suggest you consult a solicitor.

Original poster

Does will override named beneficiary?

18 replies

BrainSurgery · 02/04/2021 16:50

I have a life insurance policy. I have a named beneficiary (i.e., have filed an "expression of wish" form with the insurance company) but just realised that there is a completely different person named in my will.

If I die before I get a chance to change my will, which one will take precedence?

(Slightly panicking as I'm having major surgery on Tuesday!)

OP posts:
EggysMom · 02/04/2021 16:54

Generally if you have named a beneficiary in the life insurance, that takes precedence - the person named in the policy will get that pot of money; the person named in the will should get the remainder of your estate.

Original poster
BrainSurgery · 02/04/2021 17:49

Thanks. The problem is that I've actually stated in my will that "Person X" should get the benefits from my life insurance policy, instead of "Person Y" as stated on the expression of wish form.
I now want Person Y to get the benefit.

OP posts:
titchy · 02/04/2021 17:52

They're two separate things. Your will says who you want your estate to go to. Your life policy, which normally sits outside someone's estate, informs the trustees who the sum assured in the policy goes to (and in some circumstances they can change this).

expectopelargonium · 02/04/2021 17:54

You need to write to the insurance company and tell them of the change, and enclosing a copy of your will might be a good idea too. Send it by tracked post with proof of posting, and do it before your op.

Having said that, some insurers are an utter pain in the neck about all this sort of thing. DH took out a policy years ago when he was single, and named his parents and siblings on it as beneficiaries. After we got married he went to change it, and the insurance company demanded that all four of the existing beneficiaries signed to say that they were in agreement! Complicated further by one of his parents being deceased, so he had to get a copy of the death certificate and send them that as well. It took several months and endless paperwork to sort out.

Original poster
BrainSurgery · 02/04/2021 18:02

Thanks! The insurance company is fine with this (my new beneficiary is already named and the expression of wish document is filed online) so I was just worried about the will contradicting and overriding that.

I will change my will as soon as I can of course.

OP posts:
prh47bridge · 02/04/2021 18:35

As Titchy says, your life policy is probably written in trust which means it does not form part of your estate. Your will therefore has no direct effect. It is up to the trustees (i.e. the life insurance company) to decide how to distribute the money from the policy. They will normally follow your expression of wish but they are not legally bound to do so. They can ignore anything it says in your will about the policy, but equally there is nothing to stop them ignoring your expression of wish.

Original poster
BrainSurgery · 02/04/2021 21:11

prh47bridge If the insurers can ignore my expression of wish, who would receive the benefits of the policy? Could they just refuse to pay out? (Confused!)

OP posts:
Nacreous · 02/04/2021 21:14

At risk of being a bit dense, couldn't you just make a copy of the Will you have (i.e. type up a copy) and change the name in the will and sign and get it witnessed? It wouldn't be more than 1/2 an hour's job really and you don't need to go back to a solicitor given you're just changing a name. Then you wouldn't be worried at all going into your Op?

mrsmalcolmreynolds · 02/04/2021 22:46

Nacreous I don't think that would be accepted by probate as a valid variation to a will.

OP the insurance company has an obligation to pay out, and discretion as to whom to pay to, even if you have completed an EoW. The will could be relevant to their decision as you've specifically mentioned the policy in it. You could clarify by writing to the insurance company to explain - if the worst happened and you died before changing your will they would then know why there was a discrepancy.

Original poster
BrainSurgery · 02/04/2021 23:39

Thank you all. I will do as you suggest. I have also sent an email to my executor to explain. I know this won't be legally binding but I do trust the original beneficiary of the policy to follow my wishes.

OP posts:
Nacreous · 03/04/2021 10:50

@mrsmalcolmreynolds

Nacreous I don't think that would be accepted by probate as a valid variation to a will.

OP the insurance company has an obligation to pay out, and discretion as to whom to pay to, even if you have completed an EoW. The will could be relevant to their decision as you've specifically mentioned the policy in it. You could clarify by writing to the insurance company to explain - if the worst happened and you died before changing your will they would then know why there was a discrepancy.

What do you mean not accepted? If you do a new will that says the same things as the old one but with a new name in it for one thing and then sign and witness it normally why would it not be accepted? I am not experienced with Wills at all so there may be something I just don't understand but I would have thought it would be fine? I'm not suggesting adding it as a codicil or even that in this specific instance re the insurance that it would be necessary, but I don't understand why it wouldn't be a valid will change to do that?
Waspie · 03/04/2021 10:57

Your executor has no control over the insurance policy as this is in trust and will not form part of your estate. I'm not sure why it's even mentioned in your will.

The insurance company trustees will usually pay whoever you have specified unless there is a challenge, in which case they have discretion to pay out some, or all, to someone else. e.g. you die with dependant children but the trust beneficiary is your sibling (because you haven't changed it in years). Your husband, or children's guardian, could challenge on behalf of your children.

mrsmalcolmreynolds · 03/04/2021 11:11

Sorry Nacreous I misread and thought you were suggesting crossing out the name on a copy of the original will and writing something else in. I see now what you were saying was actually to do a new will in exactly the same terms except that one name - agree that would be fine!

Nacreous · 03/04/2021 11:14

mrsmalcolmreynolds Hah, I can see why you thought it would be invalid if one just crossed out the name! Your reply given that suggestion was extremely polite! Glad I have not missed any key feature of a will though! (Or none I know of!)

Musicaltheatremum · 04/04/2021 18:04

If your user name reflects your surgery that is upcoming I wish you all the best.

Mumblechum0 · 04/04/2021 18:53

The will should not have even mentioned the insurance, as its heels on a discretionary trust, as pp have pointed out.

Did you do a DIY Will?

LostInABlizzard · 06/04/2021 01:37

Musicaltheatremum Thank you. Getting ready to go in for 7am (with everything crossed).

Mumblechum0 No DIY here—the will was written by a solicitor. He may not have known the life insurance policy was in a trust as I just told him I had one through my employer and I wanted the benefits to go to Person X.

LostInABlizzard · 06/04/2021 01:46

Musicaltheatremum p.s. as you can see, I changed my name to something slightly less evocative! Smile

New posts on this thread. Refresh page