How to interpret the clause of a Will?

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How to interpret the clause of a Will?

The following is a paragraph in a Will or Trust and the Grantor recently passed away. I don’t understand the wording:“Grantor has named Jane Doe as beneficiary of Individual Retirement Accounts and Life Insurance Policies. If she shall survive Grantor, she shal receive an amount equal to the difference between all amounts payable to her at the date of Grantor’s death as beneficiary of said policies and amounts, and Fifty Thousand ($50,000.00) Dollars.” So what would be the outcome paid out to Jane Doe if the IRA and insurance add to a total of $200,000? nd what would be the outcome paid to Jane Doe if it adds to a total of only $30,000?

Asked on June 21, 2013 under Estate Planning, Missouri

Answers:

Anne Brady / Law Office of Anne Brady

Answered 8 years ago | Contributor

This clause is informing people that Jane Doe is listed on the IRA and life insurance as the beneficiary.  In addition, in the event that all those proceeds total less than $50,000, the will is giving her money from the estate to bring her total payment up to $50,000.  So, in your first scenario, she would receive nothing from the estate, just her $200,000 from the IRA and insurance.  In your second scenario, she would receive $20,000 from the estate, to bring her total up to $50,000.


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