Everett, WA Wills Attorneys
Direct Beneficiary Designation versus Gifting in a Will
Question: What happens when someone is named a beneficiary on an insurance policy or retirement pension and the provision in the will names someone else?
Answer: The direct designation of a beneficiary on an insurance policy or pension generally trumps a designation in a will (except in certain circumstances). There are certain kinds of property where, once you've named a beneficiary, the asset will pass outside the terms of a will. Examples of those types of property include: insurance policies, retirement plans such as a 401(k) or IRA, property placed in a trust, money in accounts that have a POD designation ("pay-on-death"), stocks/bonds or even vehicles that have a TOD designation ("transfer-on-death") or real property that is held jointly with right of survivorship.
To set up a consultation with an experienced wills attorney, contact the offices of Bell & Ingram, P.S. today.
