East Falmouth, MA asked in Estate Planning, Elder Law and Probate for New York

Q: Does a will have power over asset distribution if beneficiary is not listed on broker's beneficiary list?

Family member A has Family member B as beneficiary in their will. Family member A's financial advisor has Family member C as beneficiary. What entity take precedence upon death of Family member A's death?

3 Lawyer Answers
Elaine Shay
Elaine Shay
PREMIUM
Answered
  • Probate Lawyer
  • New York, NY
  • Licensed in New York

A: Generally, a Will only has power to dispose of assets owned by the decedent after death. Therefore, an asset such as an investment account that has specific instructions designating disposition of the asset upon death controls.

Nina Whitehurst agrees with this answer

1 user found this answer helpful

Gary Lane
Gary Lane
Answered
  • Estate Planning Lawyer
  • Irvine, CA
  • Licensed in New York

A: Which disposition is the most recent? The will can supersede the prior order, but it can also be superseded by a subsequent change.

1 user found this answer helpful

Theodore Alatsas
Theodore Alatsas
PREMIUM
Answered
  • Estate Planning Lawyer
  • BROOKLYN, NY
  • Licensed in New York

A: In most circumstances, an intervivos beneficiary designation (that is a designation made while the person is alive) takes precedence over one in a will.

Nina Whitehurst agrees with this answer

1 user found this answer helpful

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