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Trust vs. will

Customer has a trust and a will. Customer dies. Which one controls what happens to the account?

Trust assets are governed by the trust document. Assets that are not part of the trust when the individual dies are considered part of the individual's estate and, to the extent they are not dealt with some other way (such as with a Payable on Death designation, or by being part of a joint tenancy account with rights of survivorship), they will belong to the estate and would be subject to the will.
Learn more about Mary Beth Guard’s webinar Revocable Trust Accounts

First published on 03/08/2020

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