If there is a named beneficiary to a mutual fund (or any asset for that
manner) the asset is a "non probate" asset and will not be governed by the
Will. The mutual fund, upon death, will pass to the named beneficiary.
Nonetheless, you should have your Will reviewed since it has been 15 years
since you executed it.
Yes, but you should still update your will.
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100% correct. Beneficiary designations, and account ownerships, Trump the terms of a last will and testament. Essentially, a beneficiary designation is a contract with the financial institution to deliver the funds as stated in the beneficiary designation form.
The fact that you are also updating your Will is a good thing. It should be reviewed every few years as much in life changes. For readers of this question, attached is a link with 5 good reasons to review an existing Will.
As long as the paperwork on the Mutual Fund was properly executed, you'd be surprised what happens sometimes, your offspring would inherit the proceeds from the mutual fund directly as beneficiaries upon issuance of a death certificate. I hope this answers your question.