Legal Question in Wills and Trusts in Michigan
wills and bank beneficiaries
I the legal reprevtive with the responable for giving the member of my family the money that was giving to them by cousin who as pass awayThier is a will that stat the name of everyon who is suppose to receive money that was left in a bank account.the bank as a list of beneficiaries. but list on the will is deffrent from the list is the will.
1 Answer from Attorneys
Re: wills and bank beneficiaries
The will only covers what is in the probate estate. The bank account with beneficiaries is a contract, like life insurance. Upon death, the money in the bank account goes to the people listed as beneficiaries. This is a contract between the deceased and the bank and therefore, bypasses probate. The beneficiaries on the bank account therefore get the money and the funds in the bank account are not passed by the will as they are not part of the probate estate. William S. Stern
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