Connecticut General Life Insurance Co. v. First National Bank of Minneapolis
Minnesota Supreme Court
262 N.W.2d 403 (1977)
John Aughenbaugh obtained a life insurance policy from Connecticut General Life Insurance Company (Connecticut General). John executed a will and a revocable trust. The trust named First National Bank of Minneapolis (First National) as trustee. John designated First National, as trustee of the revocable trust, as the beneficiary of the Connecticut General policy. The beneficiaries of the trust were John’s wife, Elizabeth, and their children. The trust stated it could be revoked by a written instrument executed by John and delivered to the trustee during John’s lifetime. John and Elizabeth later divorced, and John married Marilyn. John then executed a new will, which claimed to cancel any previous will or trust. John gave the new will to Marilyn after he executed it. Following John’s death, an action was started against Marilyn (defendant) to determine whether John’s new will revoked the trust. The trial court held that John’s new will did not revoke the trust, and ordered the insurance proceeds to go to First National as trustee for the trust. Marilyn appealed.
Rule of Law
Holding and Reasoning (Yetka, J.)
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