POD bank acct
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POD bank acct
my mother just passed three weeks
ago. Her will states everything divided
three ways among her children. At
her death, two of her children are
deceased. How are her wishes to be
granted?
Asked on March 20, 2018 under Estate Planning, Oklahoma
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
When a beneficiary to a Will predeceases the the person who made the Will (i.e. t"estator"), there are several possibilities regarding the distribution of the estate. It depends on just how the Will is the worded, who the dead beneficiary was, and in what state probate is to take place. The gift may "lapse"; that is go back into the estate to be distributed according to the "residuary clause" of the Will (this is the clause that controls how the remainder of an estate is divided). That having been said, most states have enacted "anti-lapse" statutes to prevent this. Additionally, a "contingent" (i.e. back-up) beneficiary may be named in the Will to receive the bequest in the event that the primary beneficiary cannot inherit. Further, as in your case, if the deceased beneficiary was a the testator's child, then their share may in turn go the their children (the testor's grandchildren) or it may be split only among the testator's surviving children. At this point, you should consult directly with a local probate attorney who can review the Will and determine exactly how distribution should be made.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
When a beneficiary to a Will predeceases the the person who made the Will (i.e. t"estator"), there are several possibilities regarding the distribution of the estate. It depends on just how the Will is the worded, who the dead beneficiary was, and in what state probate is to take place. The gift may "lapse"; that is go back into the estate to be distributed according to the "residuary clause" of the Will (this is the clause that controls how the remainder of an estate is divided). That having been said, most states have enacted "anti-lapse" statutes to prevent this. Additionally, a "contingent" (i.e. back-up) beneficiary may be named in the Will to receive the bequest in the event that the primary beneficiary cannot inherit. Further, as in your case, if the deceased beneficiary was a the testator's child, then their share may in turn go the their children (the testor's grandchildren) or it may be split only among the testator's surviving children. At this point, you should consult directly with a local probate attorney who can review the Will and determine exactly how distribution should be made.
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