Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Usually a life insurance policy has a stated beneficiary and that beneficiary gets the proceeds outside of a will or probate. Unless the beneficiary page of a life policy refers to a will, it would be processed upon the presentation of a certified copy of the death certificate. So unless the life insurance references the will, it will work as stated in the beneficiary page.
In my work with funeral homes I have seen MANY cases where someone thought that their will would redirect the proceeds of their life insurance. Just a couple of months ago I was involved with a death where a man died and had been married to his 2nd wife for over 20-years. He and his 1st wife were bitter enemies. But he never changed the beneficiary on his life insurance policy.
The entire $50,000 that the 2nd wife was expecting all went to his 1st wife. She was nice enough to pay the funeral expenses for him (she didn't have to.) But the remaining money all went to her.
This is a very common error and is another example of why everyone needs a good local life insurance agent that they review things with every few years. Life insurance should not be bought and then thrown in a drawer and forgot about.
If there is a living named beneficiary, the life insurance will not be affected by the will or the estate settlement.
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The entire $50,000 that the 2nd wife was expecting all went to his 1st wife. She was nice enough to pay the funeral expenses for him (she didn't have to.) But the remaining money all went to her.
This is a very common error and is another example of why everyone needs a good local life insurance agent that they review things with every few years. Life insurance should not be bought and then thrown in a drawer and forgot about.
If there is a living named beneficiary, the life insurance will not be affected by the will or the estate settlement.