Suicide is a disturbing topic, New York attorney Mark Michael Campanella admits, yet suicide is a reality that many families unfortunately face. While there’s no question suicide can devastate a family, Campanella assures clients and their heirs that if a person’s wishes have been outlined in a properly executed and valid estate plan, those wishes will still be followed regardless of the manner of death. The one caveat, Campanella adds, has to do with life insurance contracts, which are often issued with suicide exclusion clauses.
It’s actually not true that,if you commit suicide, your life insurance will always refuse to pay out, insurancequotes.org explains. Some insurance policies will pay benefits even if the policyholder committed suicide so long as the policy has been held for a certain minimum period (usually two to three years, depending on the carrier).
Here at Geyer Law, we could not help noticing that just within the past few weeks, headlines announced the suicides of two celebrities - designer Kate Spade and TV personality Anthony Bourdain. “The reality is that suicide does not discriminate based on age, sex, status or financial well-being,” east coast attorney Gary Altman writes, pointing to the following frightening statistic: Suicide is the tenth leading cause of death in the United States.
If suicide does affect your family, the attorneys at Rebecca Geyer & Associates can help you navigate the difficult issues which arise when someone dies.
A properly executed estate plan describes in detail what happens to a person’s assets at death. The plan goes into effect as soon as a person dies, and will be followed so long as it is valid. The manner of a person’s death is ultimately irrelevant so long as the plan was executed properly, and we can ensure that the individual’s assets properly pass to his or her intended recipients.
- by Ronnie of the Rebecca W. Geyer blog team