Legal Question in Wills and Trusts in Michigan
If there is an investment account with two adult children as named beneficiaries, is it proper to list the same account in the will with the same two beneficiaries and additional instructions if, in the event one of the adult children predeceases the testatrix, their 1/2 share would pass on to the grandchildren (or children of deceased adult beneficiary) per stirpes? thank you
2 Answers from Attorneys
I would argue that if the beneficiaries are on the account and one dies, the other gets 100%, unless the company allows 50/50 ownership of beneficiaries. If so, the will would be correct, handling that share. Kliszlaw.com. Tim Klisz
No, the beneficiary designation "trumps" the Will. The Will won't be effective to transfer any interest in the accounts. You should look at the beneficary change form for the accounts -- many now have a "per stirpes" choice. Good luck.
Glenn Matecun
Elder Law & Estate Planning
www.MichiganEstatePlans.com
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