Legal Question in Wills and Trusts in Kansas
Beneficary VS Last Will and Testament
Investment account as of 1989 has a beneficary listed on the account. However as of 2002 The last will and testament has 4 heirs of equal shares listed to split all of the estate..... Which precedes the other?
Thank you
2 Answers from Attorneys
Re: Beneficary VS Last Will and Testament
The designation of a at death beneficary or a first place beneficary, both normally transfer the account, without it becoming part of the originator's probate estate. Without any further information, it is impossible to know if any exceptions apply.
Good Luck,
Tony Smith
Re: Beneficary VS Last Will and Testament
Normally, the designated beneficiary takes the property on which the beneficiary designation is placed. The Will and the division of the estate would normally apply to property passing through the estate. Property with a named beneficiary does not pass through the probate estate and therefore, not subject to the Will.
There are certain exceptions that may apply, so you should consult with an experienced trust and estate attorney in your area for assistance.