Wills or previous instructions, which takes priority?

[AndyAudi]

Currently I have various Pensions/Life insurances, I've no partner or dependents I've also no debt.

Previously when setting up things they've asked for beneficiarys in the event of my Death, (I've used Siblings)

Now I'm looking at setting up a will (not spoken to solicitor yet), which may be a bit more complicated as it will involve Parents/Siblings/Nieces&Nephews.

Would my Will incorportate all my Pensions/Insurance Policies & overide the instructions given to them by me when I set them up? Or do I need to contact them and make changes to leave everything to my Estate? (Scotland if it makes any odds)

[Eric Mc]

A new will supersedes any previous instructions. It would be good sense (and good manners) to tell those who may have been given previous instructions that they are no longer valid.

[AndyAudi]

Thanks

[ukshooter]

Actually, not strictly correct.

The majority of pensions are subject to a trust and generally when you are asked to make an 'expression of wish' (for who receives the benefits on your death) you are informing the scheme trustees and they will generally follow your expression of wish. The death benefits in this instance never actually belong to your estate so are not subject to your will, probate or inheritance tax.

[Eric Mc]

But can you change the pension beneficiaries?

[DavidHM]

AndyAudi said:

Would my Will incorportate all my Pensions/Insurance Policies & overide the instructions given to them by me when I set them up? Or do I need to contact them and make changes to leave everything to my Estate? (Scotland if it makes any odds)

It depends. If the pensions and insurance policies form part of your estate, the will will override anything previously given. If however these are written as a trust to fall outside the estate, as they probably should be for tax reasons, you would need to renominate the beneficiaries. There may be restrictions on when/how often you can do this and there may be a fee but you should speak to the providers.