[WSBAPT] Last Minute Will

[Heather de Vrieze]

11.11.020 cannot override retirement account beneficiary designations. Perhaps she could include a provision in the will to reduce the share under the Will of the child who is named as beneficiary of the 401k, unless, or except to the extent that said child utilizes the funds for those estate expenses.

HOWEVER, keep in mind that a big benefit of having only the beneficiary designation control the distribution of the retirement accounts is that they are exempt from claims of the estate’s creditors when they pass to a named beneficiary.

I know there are exceptions to all general rules, but as a general rule, retirement accounts should not be used to pay estate bills.

Heather

Heather S. de Vrieze
Attorney-at-Law
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Tuesday, February 2, 2021 4:38 PM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] Last Minute Will

Greetings List -

Is there ANY language that you can think of where a Will can overturn a beneficiary designation? I have a PC who is about to pass (literally, minutes matter) and realized that her wishes regarding distribution are not in line with what she wanted. Example - she has a 401(k) where she named one child as sole beneficiary, but she wants those funds to be used to satisfy some of the estate's debts. Things of that nature.

Hoping that someone may have a solution

Brent Williams-Ruth (preferred pronoun: he/him)
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

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Office/Scheduling Phone: (253) 285-7751

Direct: (253) 285-7453

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