This Week's Topic: WILL SUPERCEDED BY JOINT TENANCY AND...........

Some recent cases have illustrated problems resulting from the lack of understanding of when provisions of a Will do not control the distribution of assets.

A man unintentionally disinherited his two sons because he listed them as contingent beneficiaries, rather than as primary beneficiary, on his 401K plan and employer provided life insurance plan. He was living with his significant other and wanted her to be provided for, but life nothing to his sons, although his sons thought that their father had understood that they would share one-third each with their father's significant other. Also, the father's home was in joint tenancy with his signifcant other, and so she took full ownership of the home by right of survivorship.

Even if the father had a Will giving everything to his two sons, they still would have been left out since both joint tenancy and beneficiary designations supercede Will provisions.

Be very careful in adding other people's names to bank accounts, stock accounts and real estate without first checking with your attorney. What you assume may not be true with respect to gifing of those assets during life and at death.

"It's never to late to learn. It's not impossible to teach people anything." Steve Allen, comedian and composer