Legal Question in Wills and Trusts in Maryland
They are 4 people that are named on the Will. Finally wishes were that all monies in the bank and savings are to split amongst the 4. They was a Paid Upon My Death to one of the trustees. Does he legally keep all the money or does he legally have to divide the money equally?
1 Answer from Attorneys
At the outset, an estate needs to be opened. Once an estate is opened, the personal representative must distribute any asset held in the decedent's name according to state law. Certain taxes and bills must be paid first, then any money/assets left in the estate get distributed among the people named in the will. However, any property not owned by the decedent when they died (which would include property passing by title or a POD account) never gets into the estate and thus doesn't pass by will. You mention a "trustee" if a Trustee receives property at death on behalf of a trust, then the property must be distributed under the terms of that trust.
Please note that this general legal information shouldn't substitute for specific legal advice.