Life Insurance

[Doug99]

A married couple has joint life insurance which is payable on death of first partner. Both parties have separate wills.
If the husband dies, does the payout all belong to the wife, or does it become part of the husband's estate for distribution as declared in his will?

Just a thought

 

[EddieM]

A married couple has joint life insurance which is payable on death of first partner. Both parties have separate wills.
If the husband dies, does the payout all belong to the wife, or does it become part of the husband's estate for distribution as declared in his will?

Just a thought

To whatever the will says.

 

[motorbiking]

She's the policy holder and beneficiary of the policy. Separately any Will that exists pre-marriage is null and void.

For the first reason - its not part of the husband's estate.

If the will was created after the marriage then the following also applies http://www.legislation.gov.uk/ukpga/1975/63. It is quite difficult to disinherit your wife in your Will.

 

[SFK]

To whomever the life-insurance says.

In my life insurance I had to decree who payment was to be made to upon my death (the beneficiary).
My understanding was that this pre-death decree meant that the above issue was negated (and so not an issue) and also that the payment was then exempt from death duties.

 

[Stivino]

In Scotland the undertaker has the first claim on any life insurance policy. What is left goes to his wife. She doesn’t have to claim on the policy, if she has enough money to pay the undertaker etc she can let the policy run until it matures (if it is an endowment) or her children or estate will benefit from it when she dies.

 

[Doug99]

Thanks all