Does a beneficiary of a savings account have to split the proceeds with the heirs of an estate?
Question Details:
Other siblings are asking for split with the deceased's savings account which had a beneficiary as one of the surviving children, does it have to be split between the children or would if be the sole ownership of the beneficiary?
The entire savings account goes to the designated beneficiary. It is NOT divided with the other siblings.
People who are designated beneficiaries of various accounts such as bank accounts, life insurance proceeds, pensions, etc. are solely entitled to the funds. The reason is that these sums pass outside of a deceased's estate. The heirs are only entitled to items that must be probated and since a bank account with a designated beneficiary is not one of them, it would pass directly to the beneficiary and is their sole property.
Note: If the bank account did not name a beneficiary it would be a part of the probate estate and therefore pass to the heirs accordingly.
