Simple Will

[TexasWill]

this is for a simple will in the state of texas. my questions are: can the personal representative or executor, also be a beneficiary or bequest devisee in the will? also, are the beneficiaries entitled to receive the accounts or the assets of bank accounts and certificates of deposit regardless of not being named as a joint tenant with right of survivor form of ownership on these accounts? thank you for any help with these issues.

tw

 

[advisor10]

2-6-2002

DEAR TEXASWILL:

It is very important that you discuss your situation with a local probate attorney so you can INSURE that your wishes are carried out exactly.

Yes, the executor CAN be named as a beneficiary or bequest devisee.

The complicated portion of your question is that whoever you designate on the beneficiary forms of the bank accounts and CD's will get those assets, no matter what the will says. If there are no beneficiary designations, then there can be no joint rights of survivorship unless it refers to the spouse.

SINCERELY,

advisor

 

[TexasWill]

Originally posted by advisor 2-6-2002


The complicated portion of your question is that whoever you designate on the beneficiary forms of the bank accounts and CD's will get those assets, no matter what the will says. If there are no beneficiary designations, then there can be no joint rights of survivorship unless it refers to the spouse.

[END QUOTE]



sorry to make this question complicated. what i am trying to find out is if the beneficiaries of a simple will receive the decedent’s bank accounts and cd's as part of the estate if no one has been designated on the beneficiary forms of the accounts/cd's?

tw

 

[ALawyer]

If there is no beneficiary designated on the account, then the balance in the account is collected by the executor who adds the money to the total assets of the estate, The executor then pays off claims of creditors and distributes the assets to the beneficiaries named in the Will, as provided in the Will.

In most family situations a family member is named as Executor and also is a designated beneficiary. The Executor can take an executor fee, but often does not (especially in non-taxable estate -- below $1 million starting htis year) as the fee is taxable income while the bequest is not.