What takes precedent, a Wiil or beneficiary designation on an account?

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What takes precedent, a Wiil or beneficiary designation on an account?

In the Will all assets go to the surviving child. The account names 2 beneficiaries and 1 is now deceased.

Asked on March 28, 2016 under Estate Planning, Michigan

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

 Typically a beneficiary desgination on a TOD (transfer on death) account or the like, takes precedance over the terms of a Will. The fact is that such an asset does not become part of the estate of the deceased; this means that it does not go through probate. Therefore, it is not subject to the terms of the Will. Additionally, if 1 of 2 beneficiaries predeceased the owner of the account, then the other named beneficiary will take all.


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