do the beneficiaries listed on my assets get the property/money immediately? If not, why not, and what use is a beneficiary?
2007-04-15 18:47:22 · 3 answers · asked by stward101 2 in Business & Finance ➔ Personal Finance
You're not answering my specific questions.
2007-04-15 19:03:34 · update #1
Beneficiaries are on all of my savings, brokerage, IRA accounts and real estate,etc.
2007-04-15 19:05:41 · update #2
If you die without a will, you are considered 'intestate' and your estate goes into probate. An executor is hired to distribute assets.
Beneficiaries listed on insurance policies are paid by the insurance company, and are not affected by probate.
Added:
If you have beneficiaries on other financial or real estate documents then they will get the property or the money.
So, if you have a beneficiary on the title/deed to your house, then the beneficiary will get the house. JUST THE HOUSE. Everything IN the house - all the furniture, appliances, electronics, etc. would have to be assessed and distributed by the executor to eligible heirs according to the laws of succession.
You are so much better off if you make a legal will.
2007-04-15 18:53:12 · answer #1 · answered by Piggiepants 7 · 1⤊ 1⤋
If you don't have a will there is a long involved process that the authorities have to put in place It involves finding all your relatives according to a set formula they will get the right percentages as the set formula specifies
2007-04-15 18:58:24 · answer #2 · answered by burning brightly 7 · 0⤊ 0⤋
you are talking about the u.s. government. get a will. if you don't, you are adding more grief to your loved ones than they already have.
2007-04-15 18:58:44 · answer #3 · answered by gary w 4 · 0⤊ 0⤋