curlypearl

Does anyone know which takes priority - a will or invested retirement funds for beneficiaries?

For some reason I keep getting different answers on this from lawyer, investment counselor.

Specifically, if I have beneficiaries named in a will and I have beneficiaries named in funds that are invested, when I die, how does that work?

Does the will override the beneficiares named in the funds or vice versa? All my beneficiaries are the same but the percents are different. I am a confused curly!

__________________
2/c and some 3A. Modified CG.
Highly porous. Color over grey.
Best 1st day method: Super Soaker
Protein treatment HG: Curl Junkie Repair Me
Conditioners: Curl Junkie Beauticurls Strengthening Conditioner,
Deep condish: Curl Junkie Curl Rehab
Stylers:Curl Junkie CCCC or CCCL
in combo with a gel, usually KCCC
Trying Curl Keeper - still experimenting

Every day is a gift

spiderlashes5000

Wills have to go thru probate so anything bequeathed in a will can take a long time to be paid. If you have investments with pay-on-death benefits, they're disbursed immediately.

Not sure what you mean by "override."

__________________
3b (with 3c tendencies) on modified CG

thelio

I think she means that if the will states that one person is beneficiary and the funds name another person. Which will be honored? For example, if the will says her daughter gets the funds, but the investmesnt has her son listed as beneficary, will one "override" the other and if so which one? Does that make sense? Is that what you mean curlypearl?

curlypearl

Yes and thanks for responding!

For example, if the will says 50% to person X and 50% to person Y, and the invested money says 80% to person X and 20% to person Y, which takes priority?

I just want to make sure in the event that I kick the bucket that someone who has very little gets some funds.

Not planning any quick demise soon.

__________________
2/c and some 3A. Modified CG.
Highly porous. Color over grey.
Best 1st day method: Super Soaker
Protein treatment HG: Curl Junkie Repair Me
Conditioners: Curl Junkie Beauticurls Strengthening Conditioner,
Deep condish: Curl Junkie Curl Rehab
Stylers:Curl Junkie CCCC or CCCL
in combo with a gel, usually KCCC
Trying Curl Keeper - still experimenting

Every day is a gift

B-wavy

curlypearl, I'm certainly no expert, but it seems to me that once your will states that person X and person Y both get 50% of your assets, there should also be some wording such as "unless otherwise specified, as in the Blah-blah Investment, etc., etc." Hopefully the legal eagles will chime in though.

P.S. I am glad you are not planning a demise anytime soon.

P.P.S. Get a new lawyer.

curlypearl

^^^You are funny. Love that.

Thanks everyone. Maybe I should ask an accountant! Not like I'm ms. moneybags here.

With any luck, I'll live to be an ancient curly and take care of everyone while I am still twirling my curls.

__________________
2/c and some 3A. Modified CG.
Highly porous. Color over grey.
Best 1st day method: Super Soaker
Protein treatment HG: Curl Junkie Repair Me
Conditioners: Curl Junkie Beauticurls Strengthening Conditioner,
Deep condish: Curl Junkie Curl Rehab
Stylers:Curl Junkie CCCC or CCCL
in combo with a gel, usually KCCC
Trying Curl Keeper - still experimenting

Every day is a gift

spiderlashes5000

If the contents of the will aren't consistent w/ other documents, the will will get held up in probate. And it might come down to a judge's interpretation and/or the recency of one document trumping another.

Can you make the will reflect the intent of the other policies?

__________________
3b (with 3c tendencies) on modified CG

curlypearl

I think I will have to get everything to be consistent. It means meeting with people, time off from work, boring boring and blah blah blah, but I will feel better afterward.

Thanks to all - I am now resolved to do this chore. I think I will start a procrastinator's thread.

__________________
2/c and some 3A. Modified CG.
Highly porous. Color over grey.
Best 1st day method: Super Soaker
Protein treatment HG: Curl Junkie Repair Me
Conditioners: Curl Junkie Beauticurls Strengthening Conditioner,
Deep condish: Curl Junkie Curl Rehab
Stylers:Curl Junkie CCCC or CCCL
in combo with a gel, usually KCCC
Trying Curl Keeper - still experimenting

Every day is a gift