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?
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
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 The will can supersede the prior order, but it can also be superseded by a subsequent change.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
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
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
