Does the beneficiary get the money in my savings accounts, retirement accts., etc. even if there is no will?

Answer 1

On accounts where you have designated specific beneficiaries, they will receive the funds upon your death. These accounts will not go into any probate proceedings. Probate property is all property titled in the decedent's name alone. Only accounts without beneficiary designations , and without a will providing otherwise, will be probated.

Answer 2

If there's no will, then the beneficiary has to be named (in writing) on those accounts as the beneficiary.

If there's no will and you have money/property, the decision of where the money goes is determined by a state probate court. Sometimes the people you want to get it do get it - (like there's usually no question when there's a surviving husband or wife, or children. But sometimes it goes in other directions (to pay off debts - to relatives making claims, etc.)

In other words, get a will. :-)

Answer 3

OK, a will is seperate from a beneficiary clause. You have likely NAMED a beneficiary on your 401K or IRA - retirement accounts, or a life insurance policy. But with no will, any of the OTHER assets would either be claimed by the state, or distributed according to state law to anyone claiming to be an heir, by a judge - AFTER they subtract hefty fees for "management".

There are TWO main purposes for a will - to have your assets distributed as YOU WISH, after your death, and to avoid probate court as much as possible - which incurs lots and lots of fees.

Answer 4

Yes, if you have a designated beneficiary on all your accounts they will get the money in those account upon your death. Designated beneficiaries tramp the will meaning if your will lists Jack as your heir and your accounts designate Jill as the beneficiary, then Jill will get the money in your accounts upon your death (not Jack).

Answer 5

accounts that have beneficiaries in the event of death pass directly to that beneficiary .. EXCEPT that they are includable in the estate of the deceased for estate tax purposes.

{That means that the IRS gets first crack at the money if there is a lot of it.}


The financial institution holding the investment/funds will ask the Executor if the estate is subject to estate taxes. If 'no' {in writing, of course} it will then pay out the asset directly to the named beneficiaries. {If 'yes' or 'maybe', it reports the amounts to the Executor and waits for him/her/it to tell it how much to withhold for estate taxes -- and then pays out the balance.}


k?

:)

Answer 6

If you die intestate (without a will), the state in which you reside has specific laws about how your assets are to be divided among your survivors (spouse, children, parents, siblings). That's all your assets, including savings and retirement accounts.

Answer 7

it goes to probate court and the assets are distributed according to the conventions of your state. Usually spouse, then children, then parents etc.

Answer 8

Ask an attorney or lawer.