UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next
Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5741  
Subject: Re: Will bequest vs. account beneficiary designa Date: 3/13/2012 5:25 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
If I have a beneficiary designation on my brokerage accounts leaving most to my wife but a small percentage to a charity, and on my will I leave everything to my wife, I believe the account beneficiary designation will rule, right? The charity will still get their percentage. My will simply gives everything else that does not have a specific designation (residual estate I think this is called) to my wife.

Correct. A beneficiary on an account takes precedence over a will because by having a beneficiary on the account, you have removed the account from the probatable estate, and so the will does not come into play relative to that account. The will only handles assets that are handled via probate.

That said, I prefer to pay an estate planning attorney to draw up estate documents because I think that covers all the bases better. This is just not a place that I'm willing to be penny-wise and pound-foolish, so I'd still recommend seeing an attorney to make sure you are doing what you want, and that it is valid in your state.

I've seen too many debacles from well-meaning people who try to do DIY estate planning.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Value Hounds

Clorox Isn't Cleaning Up
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement