beneficiary vs heir
Get Legal Help Today
Secured with SHA-256 Encryption
beneficiary vs heir
My cousin died recently but he left no Will or Trust. However, he added me as beneficiary on all bank accounts. His sister, who he has not seen or talked to in 10 years, thinks because she is his only heir should get all of his money. The credit union already released funds to me. He has no property and gave away car and contents of his rental house before he died. According to all the banks, the beneficiary is entitled to the money and not the sister? Is this correct? Should his estate still go through probate if there is no property left? His sister threatens to file for probate. I live in CA but when up to OR, where he lived, to plan funeral and close up his home. I could not find an answer to these questions on the internet.
Asked on October 2, 2017 under Estate Planning, Alaska
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
Some assets pass outside of the estate of a deceased person. This means that they are not subject to probate, so they do not pass to the beneficiaries (or heirs) of the estate. Rather, they pass to the beneficiaries of the account. And a bank account that has a person listed to inherit in the event of the bank account holder's death is such an asset. Bottom line, the money is yours, not your cousin's sister's.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.