Legal Question in Wills and Trusts in Florida
beneficiary vs. will
My mother had me on one of her accounts(AIG VALIC) She passed away in May of this year(2007) I received a letter from this company with their condolences and ''death claim'' form to fill out which I did. I received this in the middle of July, 2 months after her passing. I went away for a week and returned to find a check from this company. If she left this account to someone else in her will, does being the beneficiary overrule the will? and, if I were not the beneficiary, would they have sent this to me also stating that if there were others they would also be notified and assets would be properly distributed. What happens if I cash the check?
2 Answers from Attorneys
Re: beneficiary vs. will
Pay on Death or Transfer on Death accounts pass directly to the designated beneficiary. They pass outside of probate so they are not subject to the will.
Re: beneficiary vs. will
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
The beneficiary of an insurance policy is paid directly from the policy and not through the estate. You are safe to negotiate the check free from any worries of wrongdoing.
Scott R. Jay, Esq.
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