Legal Question in Wills and Trusts in Washington
Newly revised will, but other assets were not yet revised
My father recently revised his will, prior to surgery, & included his new grandchildren as beneficiaries of his entire estate. He passed away before making these changes on his life insurance & retirement fund. The life insurance & retirement money is still in just his children's names. Does the will superceed all other documents, since it's the most recent or do we have to go to probate to have this resolved according to his final will? Thank you for your advice!
2 Answers from Attorneys
Re: Newly revised will, but other assets were not yet revised
Typically, a beneficiary designation (as on a retirement account or life insurance policy) supercedes a Will, regardless of the date either was filled out. However, specific language in the Will MAY state otherwise or have some ultimate bearing on the matter. If all beneficiaries are in agreement the children could simply disclaim their interest in the estate. Regardless, I suggest you at least consult with an attorney on this matter.
Re: Newly revised will, but other assets were not yet revised
You pose a very interesting question. I would need to see a copy of the will, the life insurance policy, and the retirement plan to even begin to answer your question. This is because the will may have provisions that incorporate the life insurance policy and the retirement plan. If everyone in the family is in agreement as to what your father wanted, then why not just give the grandchildren their fair share. Perhaps there are tax consequences that I am unaware of due to the size of the estate.
Either way, this is why any attorney would need to see these documents before giving you a good idea of what can or needs to be done.
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