Yes, a life insurance policy can override a will. Life insurance policies are contracts between the policy owner and the insurance company, and the proceeds from a life insurance policy are paid directly to the named beneficiary or beneficiaries upon the death of the insured. This means that the proceeds from a life insurance policy are distributed outside of the probate process and are not subject to the terms of the will.
In other words, even if a will names a different beneficiary or beneficiaries than those listed on the life insurance policy, the proceeds from the policy will be paid to the named beneficiary or beneficiaries on the policy. This is why it's important for individuals to review and update their beneficiary designations regularly to ensure that the proceeds from their life insurance policy are distributed according to their wishes.
It's also important to note that life insurance policies are typically not considered part of the estate for tax purposes, which means that the proceeds are generally not subject to income tax or estate tax. However, there may be some exceptions depending on the size of the estate and the amount of the life insurance proceeds.
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