saying the rule of law is better than the rule of an individual
is attributed to Aristotle, some five or six centuries before the
writing of the Gospel.
purpose is to regulate the individual and maintain order in society,
according to mans understanding.
any type of disorder is worrisome, an unhappy worry can occur when
someone dies, if the future of the estate left by the deceased is
you die without a will, you are said to have died intestate, and
the law of the state determines who gets what.
you die with a will, your will goes to probate, and the court of
law will prove the will to be valid and distribute the assets of
the estate according to the written and witnessed intentions of
response to one of my respected readers who sent me two e-mail on
this matter, Ill elaborate on some aspects of the beneficiary
designation versus the naming in a will.
an insurance policy or a pension plan names the beneficiary as estate,
the money in those accounts will go into the assets of the estate
and will become subject to probate if there is a will or letters
of administration, if there is no will.
terms of a time to the money, this legal process can take about
two years on average, and the money is unlikely to be available
to anyone during that time.
the original designation of estate is changed during
the lifetime of the insured or annuitant (pensioner), and this is
duly recorded by the insurer or pension provider, the law recognises
the named individual/s, and the money does not pass into the estate,
but is paid directly to the named.
there is a difference between an insurance contract and an annuity
contract, which leads to a complication when owners try to change
is because some beneficiaries are protected in law. They are called
irrevocable beneficiaries and cannot be removed without their legal
applies to life insurance contracts only.
life insurance contracts are for the benefit of the heirs, certain
heirs are protected in law. They are: wife, husband and children
of a marriage, or arguably, within established common-law relationships.
heirs can be removed if they are of legal age, and they sign a document
to that end.
pensions and annuities are for the benefit of the pensioner and
not for the benefit of his heirs. It is common to be able to remove
the names of spouses and children from pension and annuity contracts
without the consent of the spouse or children.
this instance, they are revocable.
this is often misunderstood, and some institutions still ask for
their signatures in order to effect the change.
truth, their names as beneficiaries give them no claim to the money
unless the pensioner dies, or unless there is some insurance tied
into the contract.
whose relationship is that of mother, sister, brother, friend, cousin,
etc, can be removed from insurance contracts without their written
consent, since they are deemed to be revocable.
law that protects the spouse and children does not protect this
class of beneficiaries.
Justice is blindfolded, and armed with scales and a sword, signalling
the impartial balancing of interests before the law.