If my brother died without a Will but I was named as beneficiary of his accounts and not his children, who gets that money?

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If my brother died without a Will but I was named as beneficiary of his accounts and not his children, who gets that money?

He had a son and daughter. His money was in a credit union; I went to his job to verify the fact that I was the only benificary.

Asked on March 31, 2012 under Estate Planning, Ohio

Answers:

Patricia F. Bushman / Bushman & DuBose, LLC

Answered 9 years ago | Contributor

Insurance proceeds, some bank accounts, and some retirement accounts pass outside of probate and are not controlled by a will.  Therefore, the beneficiary listed by your brother is the person who takes the assets.  The assuption is this is what he intended.

 

Steven Fromm / Steven J Fromm & Associates, P.C.

Answered 9 years ago | Contributor

Legally, you get them and they overrule anything in the will.  However, what you need to do morally is another story.

David A. Looney / David A Looney Co. LPA

Answered 9 years ago | Contributor

The beneficiary listed on the accounts trump a will, or no will.  As long as you brother was of sound mind when he created the accounts, they will go to you.


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