Illinois  |  Wills and Trusts

Legal Question

Asked on: 6/06/05, 1:13 pm

Will vs. beneficiary

My wife is beneficiary of her father's bank accounts, CD's, etc., and these assets are his only assets. He is still living, but in his 80's. He has a will that gives specified amounts to various family members. But the only source of funds is the money in his bank accounts. What happens here when he dies? Does the will supercede the beneficiary status, or is the benficiary status higher. If the beneficiary status is higher, what happens when the will is probated, and there is no money, since it all went to the beneficiary? Is my wife suddenly on the ''hook'' to honor the will's intent? If this happens, the awards in the will will effectively wipe out all the money.

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