How can I make my living will override my life insurance?
I have SGLI (Servicemember’s Group Life Insurance), and I want everything I have/will earn to go to someone other than who I listed as beneficiaries.
My girlfriend will have my son in 4 months. So can I make it so that all my money goes to him when he’s born if I die before then? And I can’t contact the SGLI office, I want to write a will saying “If I were to die, I would like all my money/future monetary earnings to go to my son”. Will this legally override who I put on my SGLI form?
In short I want everything to go to my son when he’s born if I died before then and nothing to go to who I PREVIOUsly stated for all my money to go to. Will it be legal or will they say “Oh well he’s not on the SGLI so these people get the money instead”?
So would it legally override what I put on my insurance forms?? I just want to make sure
It would have taken LESS EFFORT to amend your will than to log on and ask this question.
You are a VERY silly goose!
You cannot “override” your life insurance beneficiary. Life insurance bypasses probate. The only way for it not to bypass probate is for you to declare your estate as the beneficiary.
First, any beneficiary clause on your life insurance, CANNOT be “overriden” by your will. The will only covers your “estate”. So if you want that money, guided by the will, you have to change the beneficiary to your estate. Keep in mind, all DEBTS of the estate must be paid, before ANYONE can “inherit” money through the estate. That’s one of the major advantages of life insurance – it lets you pass money OUTSIDE the estate.
Second, it’s a HORRIBLE idea to leave money to a minor. That money would be in the control of the legal guardian, of that minor. You’d be much better off using the money to fund a trust, naming someone you trust, as trustee, until your child is an adult.
Third, with SGLI, if the “other person” is your current spouse, you’re going to have a problem with this. SGLI isn’t going to let you screw over your spouse.
So no. What you put in a will, cannot override what goes on the insurance forms. The insurance money will be paid out to the named beneficiary.
A “living will“, by definition, applies only while you are still alive, and does not do anything after you die.
A will that affects what happens after you die is called a “last will and testament”, not a “living will”.
If you want the life insurance money to go to someone other than the beneficiary, then change the beneficiary on the insurance form and list whomever you do want to receive the money as the beneficiary. Do not rely on the will.
What you are thinking of is a living “trust” (which has to do with control of your assets and inheritance), not a living “will” (which has to do with health care or life support when you are unconscious or not of sound mind). But nothing (except fraud or a mistake) overrides life insurance beneficiary, so for the trust to control that, you would have to make the trust the beneficiary.
But why don’t you simply make your girlfriend the beneficiary now “per stirpes” [which would pass on to her descendants (your child) even if she did not make it through childbirth]. And change the beneficiary to your child after birth?
If you are going to do a living trust, make sure that it is all legal and proper.
A will does NOT override your insurance designations. Once the child is born, you can designate him as beneficiary. Realize, however, that if you die, the insurance cannot be paid to a minor. A trustee (most likely, the child’s mother) would have to be appointed to receive the insurance benefit on his behalf.
It’s YOUR responsiblity to keep your SGLI beneficiary designations updated – trying to write a “supplemental document” to override them is NOT the correct approach. I suggest you get some advice from your supporting JAG office.
P.S. A “living will” is a health care directive. It has nothing to do with insurance benefits.