If you are the beneficiary of a checking account and a Will, does this portion of money have to be shared with the beneficiaries’ of the Will?
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If you are the beneficiary of a checking account and a Will, does this portion of money have to be shared with the beneficiaries’ of the Will?
I have been advised by bank staff they would not go by will and money goes directly to me. Plus, my financial advisor advised me of the same thing. Stated that family do this all the time (have a Will and then change things at bank).
Asked on June 26, 2014 under Estate Planning, Florida
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Since you are the designated beneficiary of the checking account and the Will, those funds from the checking account go directly to you. Those checking account funds are NOT shared with the other beneficiaries of the Will. The bank and your financial advisor are correct.
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