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#1
08-21-2009, 01:09 PM
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 Understanding what overrides a beneficary on a bank acct. or a living willWhat is the name of your state (only U.S. law)? New York,NY I have a father who has been diagonise with a new tumor on the brain in a different location from his last tumor. He also has cancer that has spread through his lungs, liver and abdonmal. So the family is feeling that he is becoming incompetent because he has taken his children off of his bank acct. as beneficiaries and added someone who is not a next of kin, but he has a living will that he drew up before he went into the hospital last year. So what I'm asking is that even though he has put someone else as a beneficiary of his bank accts. Does the living will overrides that decision? If not, what do I need to do?What is the name of your state (only U.S. law)? New York, NY |
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#2
08-21-2009, 03:21 PM
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| A beneficiary will be the owner of the account on death of the principal. A living will has nothing to do with the transfer of assets on death.
__________________ When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it. --W. T. Pooh (aka A. A. Milne) |
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#3
08-21-2009, 03:32 PM
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| Please feel free to explain to the children that this never was their money in the first place.
__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic!  Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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