if a bank account has a beneficiary specified, will that take precedence over a will?

Question

if I have a bank account with the beneficiary specified but I create a will that designates a different person to get the money, who will inherit the money from that account (NY state) ? Will it be the person specified as the beneficiary in the bank account or the one in the will ?

Answer 1

If the account is "POD" (Payable on Death) to someone else, then what is in that account is theirs at the moment of death as a matter of law. It is not part of the estate, and the probate courts have no jurisdiction over it, UNLESS the person to whom it is POD predeceases.

Typically, when you own something, you own it "forever" until you dispose of it. By owning property "in survivorship" or putting POD on it, you dispose of your ownership for all time after your death, you only own it while alive. Wills only dispose of those things you still own at death.

In regards to the beneficiary of a POD that predeceases, they do not own anything at the time of their death, so they can't transfer that future interest to an heir. You still retain the power to change the POD beneficiary, so they can't pass on a potential possible remote outside slim chance possibility to an heir. It just lapses and goes into the estate of the owner.

Answer 2

NO. Legally, the account became HER property the instant he died. Unless you can PROVE he did not name her beneficiary in the first place, the law you want does not exist. Dan B: A will CAN'T supersede the account terms. A will ONLY controls the estate. An account with a named beneficiary is NEVER part of the estate, therefore it is NEVER subject to the terms of the will. bluebell: Naming a beneficiary on a bank account is NOT disinheriting anyone in ANY jurisdiction on the planet. IF the account was the ONLY asset he had, there MAY be a WEAK case, but NOTHING in the question indicates that is the case.

Answer 3

Yes - the beneficiary is king according to most state laws.