Doesan account that our mother had belong to our sister who was on the account even though she was not mentioned in the Will?
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Doesan account that our mother had belong to our sister who was on the account even though she was not mentioned in the Will?
The Will states that her granddaughter (me) and her grandson (whom she adopted), are to have sole possession of her personal and real property. I am the executor of the Will. Do the provisions of the Will override the designation on the account since the only reason that my sister was on the account was because our mother was blind and she could not take care of her financial business herself. I took care of her.
Asked on January 3, 2011 under Estate Planning, Arkansas
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Unfortunately, the fact is that proceeds any accounts (such as bank accounts) that list a joint account holder pass outside of the probate estate. This means that whoever was listed on such an account would be the rightful owner upon the passing of the other account holder. The Will would have no effect on this. Conversely, if a person is not named in a Will then they have rights as a beneficiary to any estate (probate) proceeds.
Bottom line, the Will does not override the designation on the account . No matter why the account may have been set up.
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