Legal Question in Wills and Trusts in Colorado

I moved my parents from PA to CO about 5 years ago. They had made a will in PA about 10-12 years ago. Since I am taking care and managing everthing for my parents they named me as their sole beneficiary on all their bank accounts/investments. Will my new beneficiary status supercede the "Will" from PA>


Asked on 8/23/12, 11:45 am

2 Answers from Attorneys

Bernard Greenberg KOKISH & GOLDMANIS, P.C.

Your question does not state whether you have been named by a Court as the Guardian or Conservator for your parents, that could affect any answers to your questions.

Without getting into the Guardianship/Conservatorship question, then having you as sole beneficiary on accounts, when conflicting with your parents' Wills is a major problem requiring immediate attention.

Your parents should visit with an attorney specializing in estate planning in their community soon to resolve these matters. Generally, they will want to synchronize beneficiary designations with their estate plan or Wills. While this is not always true, what you describe presents a significant issue requiring immediate attention.

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Answered on 8/23/12, 12:25 pm
Dave Rich Flatiron Legal Advisors, LLC

If you are listed as the sole beneficiary under the bank and brokerage accounts, and assuming by this you mean that this is for "pay on death" and "transfer on death" provisions, then that would supercede the will, because these assets would not be included in their probate estate. If you have siblings, I'd be alert to will contests where one sibling is getting a much large portion of the property outside the will (assuming that is the case here). It is not hard to do a new estate plan if they are concerned. I charge $600 for an entire estate plan for a couple (wills, powers of attorney, living will, funeral/burial instructions and personal property memorandum) if you want to discuss further. Hope this helps.

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Answered on 8/23/12, 12:31 pm


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