Priscilla Presley recently made headlines when it was announced that she was contesting her daughter, Lisa Marie Presley’s, life insurance beneficiary and the trust set up for her grandchild’s inheritance. This has left many people wondering if someone can dispute life insurance beneficiaries and how you can work to prevent that from happening to your loved ones once you pass. Read on as Bryan Insurance Agency LLC, helping New Windsor, NY residents with their life insurance needs, helps to answer this question.
Can Someone Dispute Life Insurance Beneficiaries?
While it is rare, family members can dispute life insurance beneficiaries. This most commonly happens when someone listed as a beneficiary has passed away, if a new child was not added to the life insurance policy, or if an ex-spouse is still listed as a beneficiary.
How Can You Minimize the Chances of Disputing Your Life Insurance Beneficiaries?
The best way to minimize the chances of anyone disputing your life insurance beneficiaries is to ensure you keep your beneficiaries up to date. As a general rule of thumb, you should review your beneficiary information every year. If your life has changed and you wish to add or remove beneficiaries, always obtain a notarized document stating your wishes. Additionally, prepare a will that aligns with the life insurance policy so there are no doubts about your final wishes.
A life insurance policy can help provide your loved ones with money to pay for your final expenses once you pass away. Here at Bryan Insurance Agency LLC, serving the greater New Windsor, NY region, our team would love to help you determine how much life insurance you need and help ensure that no one can dispute or contest your beneficiaries. Contact us today to schedule an appointment with one of our insurance agents.