Legal Question in Wills and Trusts in Michigan
disbursement of money
My brother passed away. His will stated that I would get 20 per cent of what was left after all the bills were paid. My share would be $50000. The money was in his 401K, life insurance and savings account. My dad is stated as the beneficiary on all of those accounts which were opened 30+ years ago. He feels that all of the money is his and is not dividing it up. (He is a millionaire and also recieved 25 per cent of this estate). The will was made last year. Does the will take power over everything...or nothing? Unfortunately, this has ended our relationship.
1 Answer from Attorneys
Re: disbursement of money
Beneficiaries of life insurance policies and 401(k) plan funds take the proceeds directly. Therefore, the proceeds do not pass through to the probate estate or assets that are covered by the will. The same is true of a joint bank account, depending on how it is set up.
Bequests and/or gifts in a will do not include proceeds of accounts where there is a co-owner or a beneficiary. A will does not include the items discussed above.
I would not assume that your brother intended for you to get 20% of those funds you mentioned, or he would have, most likely, set up a trust or named you as a joint beneficiary or co-owner.
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