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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55615
Experience:  29 years of experience practicing law, including tax and estate planning.
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I inherited 500,000 from my mother. It is in a separate

Customer Question

I inherited 500,000 from my mother. It is in a separate account-my name only- at UBS. How do I designate beneficiary as it is not a retirement account? My husband and i have a trust. Do I need to amend my will to leave it to him or the trust? Which one? Why cn't UBS designate beneficiary?
Submitted: 12 months ago.
Category: Estate Law
Expert:  Richard replied 12 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 12 months ago.

UBS should be able to set this account up as a POD (Paid on Death) so that it is in your name alone, but with a specified beneficiary. If not, you might consider moving it to another financial institution which will work with you more agreeably. If not, you would have to change your will rather than the trust unless you want to transfer the account to the trust. Your trust agreement will only address assets in the trust. So, unless your will has a "pour over" provision which provides that your estate goes to your trust, you would need to amend your will. You would not need to re-do your entire will. Rather, you can make this change by doing a Codicil...which is a fancy legal term for an amendment when a will is involved. In the Codicil, you can reference your original will, state that other than the changes in the Codicil all terms and provisions of the original will remain in full force and effect, and then specify which provisions of the original will are being changed. You will want to have the Codicil signed, witnessed, and notarized in the same format as the original will. Then, make sure you keep the Codicil with the original will so whoever gets your will at your death will know the Codicil exists. You can do this yourself or you can seek the guidance of a lawyer, but you are not obligated to engage a lawyer to do this for you.

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Expert:  Richard replied 12 months ago.

Good morning. Just following up with you to make sure you received my response yesterday and to see if you had any additional questions. Just let me know. Thanks!