If I’m the sole beneficiary of my mother’s bank accounts but her Will states that everthing is to be decided between her 3 kids, are the bank accounts included?
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If I’m the sole beneficiary of my mother’s bank accounts but her Will states that everthing is to be decided between her 3 kids, are the bank accounts included?
Asked on July 13, 2012 under Estate Planning, Massachusetts
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If a bank account has a designated beneficiary, then upon the account holder's death, the account passes to that beneficiary. In other words, it does not become part of the deceased's estate. Accordingly, the proceeds of the account need not be distributed to the heirs/beneficiaries of the estate. Rather, it is the sole property of the account's designated beneficiary.
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