In Missouri do PODs/TODs take precedence over the beneficiary designates in a Trust?
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In Missouri do PODs/TODs take precedence over the beneficiary designates in a Trust?
If the sole surviving parent dies and has a trust with designated beneficiaries,
but also has numerous IRAs, bank accounts, life insurance policies and annuities
which are not a part of the trust and have their own PODs or TODs, which article
takes precedence? Does the trust beneficiaries override the PODs/TODs of the
IRAs, bank accounts, life insurance policies and annuities?
Asked on March 29, 2017 under Estate Planning, Missouri
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
POD's, TOD's, IRA's and the like which specifically designate a named beneficiary, are not part of a deceased's estate. Accordingly, the listed beneficiary is entitled to the proceeds. A Trust or Will has no effect on this.
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