Legal Question in Wills and Trusts in New Jersey
Asset Distribution
If some children of a parent were left say $1 in a will but they are still listed on insurance policies, 401k, etc. as beneficiaries will they still receive the money?
Asked on 8/16/08, 6:57 pm
2 Answers from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
Re: Asset Distribution
Normally, the non-probate assets [e.g. 401(k), insurance, joint property, etc.] are NOT counted as part of the distribution under the Will [however, the Will should be reviewed to verify this].
So, in your example, if the child is left $1MM under the Will, and also gets $200,000 from an insurance policy, the child will get a total of $1.2MM.
Answered on 8/18/08, 8:42 am
Michael Berman
Law Offices of Michael A. Berman
Re: Asset Distribution
Yes.
Answered on 8/19/08, 2:00 pm
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