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Question: Wills, Trusts, Probate - Michigan

Asked on 8/20/2009
i am benificiary on a money market, the account is at the same bank as a mortgage on the house. my mother had no will. the bank is saying they are
holding the money in the money market until the house situation is figured out. we are not sure what we are doing with the house. we are in MI so the value could be an issue

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Answers (1):

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Most banks have a clause in thier agreements that allow them to take funds from other accounts to satisfy debts that the same person owes them.  However, there may be an exception upon your mother passing, since the money automatically owned by you as beneficiary.  Please call me to discuss in more detail.  John Tatone @586-868-5100



  • Answered on 8/24/2009
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