Legal Question in Wills and Trusts in Pennsylvania
Beneficiary of Investment Account v.s. Will
If I list my father as the beneficiary for an investment account when the account was opened, and in a later will I give ALL my net assets to my wife without changing the beneficiary for my investment account, then who has the legal right to take possesion of the investment when I die?
1 Answer from Attorneys
Re: Beneficiary of Investment Account v.s. Will
In general, the disposition of an account that contains a beneficiary designation (such as an IRA or a 401(k)) is controlled by the beneficiary designation and not by the will. Therefore, if your father is named as the beneficiary of the account, then upon your death, the account proceeds should pay out to your father instead of your wife, even if you executed a subsequent will leaving everything to your wife.
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