Daughters Right
In a living will, can we include our life
insurance? Does the will override
what is in the life insurance as well?
Does she stay with our cars, if she
can continue paying the monthly
payments? Can you give us samples
of what we can leave to our
daughter? We have a life insurance
policy each, we have a few dollars in
the bank, we have 2 cars that we
have purchased and paying monthly
for them. We have 401ks each. We
have a house. We do not have
much, but would like to make sure
our daughter is taken care of if
something happens to us both. She
is 19 right now. We both work full
time. Can you give me some advise?
Thank you. Mr. & Mrs. Serrano
Re: Daughters Right
First of all, a living will deals with termination of life support, not with inheritance.
Second, a will does not override insurance, but a good lawyer will help you coordinate the two.
You need to sit down with a lawyer who can get details and advise you. A good starting point is our free will worksheet at http://www.glenashman.com .
Glen Ashman
Ashman Law Office
2791 Main Street EAST POINT
Atlanta, GA 30344
Re: Daughters Right
First, “living wills” have nothing to do with inheritance–they only concern health care decisions.
A true last will and testament does not control either life insurance or retirement accounts such as 401(k)’s. These assets are controlled by a “beneficiary designation”. If you are not sure what designation you have made, consult your insurance agent and your HR director, who should have records of what beneficiaries you have named.
There is no limit whatever on what you can leave your daughter, either under your will or through insurance or a retirement plan. She could receive the cars, and keep or sell them. The loans could be paid by her (from insurance or 401(k)) or she could demand that your executor pay off the loans from your bank accounts.
You clearly need to consult an attorney on all these matters, who can advise you on what arrangements you can make for your daughter.
Robert Thompson
J. Robert Thompson Attorney
309 Sycamore St.
Decatur, GA 30030
Re: Daughters Right
I think you are confusing two entirely different things. A “living will” has only to do with termination of life suppport and nothing to do with property. That is where a “will” comes in. Generally, life insurance proceeds are determined by the policy. However, you should consult with a local attorney because the fine print may direct the proceeds to your estate, in which case your will is the determining document.
Charles W. Field
Charles W. Field, Attorney at Law
911 Duluth Hwy., Ste. D-3211
Lawrenceville (north Atlanta), GA 30043