Full question:
The Last Will and Testament doesn't clearly expalain how to distribute 401K and insurance payments, checking, savings and safe deposit box assests.
- Category: Wills and Estates
- Date:
- State: Texas
Answer:
The distribution of assets like a 401K, insurance payments, checking and savings accounts, and safe deposit box contents will depend on the language of the will and whether it includes a residuary clause. A residuary clause specifies how the remaining assets of the estate, which are not specifically bequeathed, will be distributed.
Some assets, such as insurance policies or accounts with a named beneficiary, typically pass outside the probate process directly to the beneficiary. This means they do not go through the will. For example, if there is a survivorship account or a transfer-on-death account, those assets also pass outside probate.
Property held in trust is distributed according to the terms of the trust. Therefore, it's important to review the will and any beneficiary designations on accounts to understand how these assets will be handled.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.