A common question I receive in the office is whether a beneficiary designation trumps a Will or whether a Will trumps a beneficiary designation. For example, what happens if I have a pay on death (POD) or beneficiary designation on a financial account naming daughter X, but my will says that my accounts are to be divided equally between daughters X and Y? Do the funds go to daughter X as set up with my bank or financial institution or are the funds split between daughters X and Y based on my Last Will and Testament?
Similar questions that have the same answers are as follows. What happens if I have a joint… Read the rest