Legal Question in Wills and Trusts in Massachusetts

Re: Asset Distribution

The real question is who is entitled to the asset. If the person on the account is designated as a beneficiary, such as a life insurance policy, then the named beneficiary takes the proceeds.

If you are talking about a bank account, you would have to be designated as a joint tenant with right of survivorship to take priority over a Will.

I would contact an attorney with your specific question and with more facts.

Re: Asset Distribution

The will should designate the order. However, all debts must be paid before a distribution.

Re: Asset Distribution

A properly made beneficiary designation (on a retirement or life insurance account) will control how such benefit is to be distributed upon death.

Such assets/property are non-probate property, and do not pass according to a will or the laws of intestacy.

Please do not hesitate to contact my office should you have any further questions.

Re: Asset Distribution

It is not a matter of who takes first. The question should be, who takes at all, the beneficiary of the account or the beneficiary of a will.

Depending on what type of asset you're referring to, it depends. Beneficiaries listed on a pay-on-death or trust bank account, life insurance, retirement account, or annuity takes over anyone listed in a will. A beneficiary under a will can only take assets that have no beneficiary designation under a pre-existing instrument.