Is there a conflict between a designationof 1 person as a benficiaryof a Will andthe designation of anotheras a beneficiary of a bank account?
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Is there a conflict between a designationof 1 person as a benficiaryof a Will andthe designation of anotheras a beneficiary of a bank account?
My friend gave her entire estate to her son in her Will. She has also named me a 100% beneficiary on her credit union account. Is this a conflict? Will the credit union honor her designation of me as a beneficiary or can the Will nullify this designation?
Asked on August 13, 2011 California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You are referring to 2 entirely different things. A beneficiary of a Will has the right to inherit assets that pass through probate; therefore any estate assets will be distributed to them. A beneficiary of a bank account inherits directly; in other words such funds in the account are not part off the probate estate. So to answer your question, there is no conflict; no designated beneficiary designations are nullified in such a case as this.
If you need any further clarification, you can consult directly with a probate attorney in your area.
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