Does the last will and testament null and void any other notes such as Stocks, CDs, and checking accounts?


Question:
Four individuals are named as heirs on the will, but only two are listed as users on the bank accounts. Does the will apply to those accounts as well?

Answer:
You probably mean that two are listed as joint owners of your bank accounts. If there is a right of suvivorship, and there usually is, these pass outside the will. The co-owners will automatically received the money deposited in the account.

Stocks and other assets will pass through probate. Your executor will pay off your bills and final expenses and either the liquidate the assets and distribute them to the four heirs as directed or actually reassign the stocks, notes and accounts to the heirs, if this is what the will provides for. A will in no way voids assets.
If they owned the assets (listed as owners) prior to death, they will retain ownership of the account after death.

It sounds as if the two folks that aren't listed as owners on the bank account are going to miss out.
More Questions & Answers...
  • VAT & Shop Receipts ?
  • Learning to invest myself?
  • Why wont my computer log on to secure servers anymore?!?
  • Can one use a credit card to fund an account and buy stocks online?
  • What am I going to do?
  • Which company to choose?
  • Does Section 83 of the Internal Revenue Code apply to cash?
  • I had $ 5,000 in a savings account at my local bank that I may not use for awhile?
  • The questions and answers post by the user, for information only, AnswersRoom.com does not guarantee the right
    Copyright © 2007 AnswersRoom.com -   Terms of Use -   Contact us

    Hot Topic