Legal Question in Wills and Trusts in New York

Ed's will bequeaths money to 10 different people, stating "should liquid funds held by my estate be insufficient to fund all those named below, the gifts shall lapse in reverse order of their listing."

Ed established a joint checking account with his son, Mark. Ed named Mark as sole beneficiary of his retirement fund. Ed has several CDs, listed in Ed's name with Mark's name as "POD."

Upon Ed's death, may Mark keep the entire balances of the above accounts, or must they be used to fund the bequests to the 10 people if the remainder of the estate does not have sufficient funds?


Asked on 3/31/11, 5:37 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

The funds go to Mark

Read more
Answered on 4/01/11, 7:22 am


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