Do you Need a Will? How does a Will affect Nonprobate assets, like bank accounts with joint right of survivorship, etc.?

20Apr09

Do You Need a Will?
If you do not have a will or other valid testamentary device, upon death,
your estate is distributed “intestate” and pursuant to the Revised Code of Washington (RCW) 11.04.015. You will not have control over who inherits your estate because the statute names your beneficiaries for you. Therefore, to avoid the statutory method of distribution and to effectuate your intent regarding who should take specific items or in entirety, a will is a good and relatively inexpensive method for effectuating that intent.

Do you Maintain NonProbate Assets?
Nonprobate assets are generally effectuated according to their own terms. RCW 11.11.010 and RCW 11.02.005 define nonprobate assets. RCW 11.11.010 governs the testamentary disposition of the following nonprobate assets:

  • bank accounts with joint right of survivorship
  • payable on death or trust bank account
  • transfer on death security or security account
  • trust of which the person is grantor and that becomes effective or irrevocably upon person’s death

    • note or other contract the payment/performance of which is affected by death of the person

    You may provide for the disposition of a nonprobate asset in your will but you must specifically refer to the nonprobate asset in your Will and specifically name a beneficiary to receive it. If you do this, the beneficiary named in your Will is entitled to the nonprobate asset as against any person previously designated as a beneficiary before the date of the will.

    If you make a general residuary gift to a beneficiary in your Will, that beneficiary cannot take a nonprobate asset unless the nonprobate asset is referred to specifically and the beneficiary who is to take the nonprobate asset.

    Furthermore, if you name a beneficiary for a nonprobate asset after the date of the Will, the specific provisions in the Will that attempt to control the nonprobate asset do not govern, even if you later revoke the beneficiary designation.

    If you do not provide for a beneficiary designation of a nonprobate asset in your Will, the nonprobate asset will be distributed according to its own terms.

    DISCLAIMER: This Article is not intended as legal advice. It is merely purposed to provide an overview of a particular legal issue. This information should not be relied upon nor serve as a substitute for legal advice. You should seek competent legal counsel for advisement for any of the issues raised herein.

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