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Life Insurance Beneficiaries

Life Insurance Policies Require that You Name Beneficiaries

The preparation of a beneficiary designation clause in a life insurance policy is important. If no beneficiary is designated, the policy proceeds many end up going into a decedent’s estate and being distributed to unintended beneficiaries. Sometimes, the life insurance contract terms may provide that if there is no named beneficiary, the proceeds are paid to certain surviving members of a decedent's family such as a spouse or children.  While this may appear reasonable, such payment does not always reflect a person's intent. A New York City life insurance beneficiary lawyer can make sure that your intent is conveyed clearly.

When a life insurance policy is purchased, it is important to understand the type of policy that is obtained.  The most simple type of life insurance is called "term" insurance.  The premium that is paid buys a certain amount of insurance, say $700,000, and the policy continues in force for a definite term, say one-year.  If the  insurance is not renewed, there is no remaining value and the policy comes to an end.  

"Whole life" type insurance is different because when someone pays the premium, the policy retains some value like a savings account.  In these policies it is possible to fully pay for the value of the insurance over time and then not to have to continuously pay once the policy is fully paid.  The insurance coverage continues until death and no further payments need to be made.

There are a number of different life insurance products and an experienced insurance professional can assist with understanding the various costs and benefits.  Life insurance can provide a means to increase the value of an estate and also provide a source of liquid funds to pay after death obligations such as estate tax.  The use of life insurance trusts has been a popular estate planning consideration.  Since life insurance proceeds can be very large and valuable it is important to insert a beneficiary's correct name and provide for an alternate beneficiary to insure that the proper individuals will receive the life insurance proceeds. A life insurance beneficiary lawyer can help New York City residents name alternate beneficiaries as needed.

Problems can arise when a person buys life insurance and many years pass and the beneficiary designation is forgotten.   For example, a person may designate a parent as a beneficiary at a time when the person is not married.  However, years later after the person is married and has children, the parent may  not be the intended primary beneficiary.  Moreover, the designation of the parent could be detrimental if the parent has his own large estate that may incur estate taxes.

The beneficiary designations should always be reviewed and up-dated to account for any changes and to make certain that the designations are consistent with an over-all estate plan.

Today, more than anything, I enjoy being successful on behalf of a client. I work hard to help clients resolve their legal issues successfully.

As a New York City life insurance beneficiary attorney, I have many years of experience working with and advising clients in the creation and implementation of estate planning papers to express the client's personal desires while providing potential tax advantages and security for family and beneficiaries.

Contact me at (212) 355-2575 or fill out my contact form for a free appointment with a life insurance beneficiary attorney in New York City. 

Client Reviews
I am very grateful to Mr. Jules Martin Haas attorney of law in New York. I am from Buenos Aires Argentina. He managed with expertise a very difficult situation. of a complicate heritage from my aunt Anna Grodzka that lived and died a very long time ago in New York. I recommend him not only for his extraordinary knowledge but also for his kindness. Irma CW Peusner
I found Mr. Haas after being misguided by a former attorney. Mr. Jules Haas took our case which involved an estate/trust dispute. What initially seemed like an impossible and overwhelming legal fight was now in the hands of someone who had the integrity and legal expertise to win our case. Mr Haas' attention to detail and his expert knowledge base, skillfully and successfully guided us through an intricate legal process. I am very thankful and grateful to Mr. Jules Haas for representing our interest and ultimately winning. Bringing about a peace of mind we needed. Thank You Devida Nedd
I was in need of a guardianship attorney and I hired the services of Jules M. Haas' Law firm. The service of counselor Haas and his staff, was very profesional and the case was handled in a timely matter. I would strongly recommend his services Angel Guevara
I strongly recommend Jules Haas. I have worked with him for two years and he has provided so much support and followed through with everything he promised he would do. His support staff is just as helpful! We had an interesting case and he helped to solve each part of it legally and was very thorough. Thank you for everything you have done to finalize our families estate Robyn Stafford
Jules Haas helped me with managing the process in probate court for my father's estate through to its completion upon the sale of my father's house. He was knowledgeable, efficient, and effective in submitting documentation to the probate court, explaining procedures to me, and advising me as to the progress of my case. His support staff was also very helpful. He made what for me created so much anxiety into something manageable where I could see progress every step of the way. His fees were very reasonable. I am super grateful to him for all the help he has provided and strongly recommend his services. Diana Janer
I just completed an estate transaction where Jules Haas represented my client in an estate and he did a great job! He was very quick at responding to all matters throughout the sale process, he was detailed, he was knowledgeable and he was a pleasure to work with. I just recommended him to some new clients who are going through an estate matter and will continue to recommend him. Rodolfo Lucchese