Legal Question in Wills and Trusts in Massachusetts

Wills and Beneficiaries

Thank you in advance for your legal answer. I live in Massachusetts and have many investment vehicles, a 401K, CDs, IRAs, Stocks, UL Insurance policy, etc. that I have named my wife as primary and brother and sister (50/50) as contingent. My question is, will our joint Will beneficiary designations (and allocations) supercede the beneficiary designations (and allocations) on my investment vehicles?


Asked on 5/27/08, 3:56 pm

1 Answer from Attorneys
Alexandra Golden Golden Law Center

Re: Wills and Beneficiaries

No -- your Will controls only the distribution of assets that pass through probate.

However, given that you've hinted that you have substantial assets, you may need to revisit your overall plan. If your estate is worth more than $1 million, your survivor will need to file -- and pay -- Massachusetts estate taxes unless you and your wife develop a trust which allows you to defer payment of taxes until the death of the second spouse and also allows you to plan how to minimize the amount of taxes due at that time.

Please feel free to contact me if I can be of assistance.

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Answered on 5/27/08, 4:58 pm


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