Working out a will in the Coppell area is an important part of your personal peace of mind. Even though you want to organize your will so that you are giving an inheritance to the Coppell, Texas family members who are foremost in your mind, you also need to use caution when you are working out the details so that you do not make any accidental mistakes.
Beneficiaries Vs. Inheritance
A beneficiary on your life insurance policy is separate from your will. When you are working out inheritance, you are not able to override the current beneficiaries on your policy. The only way to change the beneficiary on an insurance policy is by talking to the company and making a change. Your last wishes cannot override the contract you made previously with the company.
Inheritance is a separate issue. Your last wishes can designate who receives your home, personal assets and belongings. For example, if you want to leave your house to your child, then your will can specify the individual above other family members.
An insurance policy and a will are separate contracts. The individual stated on your coverage contract is the person who will receive funds from your life coverage.
Working With the Company
If you want to change the beneficiary on your coverage, then you must discuss the issue with the company. Only the company can make a change and it is usually based on legitimate or legal reasons. For example, if you are divorced, then you can use the divorce paperwork to change the beneficiary to another individual.
Protecting your loved ones from financial burdens in Coppell is not the same as organizing your inheritance. Making a change on an insurance policy will require a change to the original contract with the company. It is separate from your last wishes. To learn more about adjusting your coverage, contact us to talk to an independent agent.
