Answer:
You are asking questions that should be handled by the customer's estate planning attorney. As a bank, you are not in a position to provide any advice on how to structure the estate.
First published on BankersOnline.com 7/16/12
Does A Revocable Trust Override A Will?
Answered by:
Question:
Does a bank revocable trust account override a will? There are three beneficiaries named in a will. Now one of the three parties has also been named a beneficiary in a newly created bank revocable trust account. Will that person receive the entire revocable trust account funds because it bypasses the will, or will all three parties designated in the will receive the revocable trust account funds? The revocable trust account is not addressed in the will because the will was created months before the bank revocable trust account was set up. Do all three parties designated in the will need to be designated as beneficiaries for the revocable trust account to receive those account funds? The person that is a beneficiary in the will and is also now the sole beneficiary of the revocable trust account is in addition the executor of the will.
print
share