What assets are part of a probate estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What assets are part of a probate estate?
My mother recently passed away. My brother and I are the beneficiaries according to her will. She left a condo, and a surprising number of accounts for us like a Non-qualified annuity, a retirement account, life insurance and a small IRA. The death benefits were not addressed in the investments themselves but dictated by the will, with the exception of her retirement account which listed her 3 children (sister passed in 1992). My brother is very money oriented, me not so much. He has a retirement account, I do not. I was surprised to find a $15k Repetitive payout annuity with myself only listed as beneficiary. My brother insists it should be split (he takes equal cash). I don’t think she intended that. Is there law pertaining?
Asked on May 14, 2014 under Estate Planning, Washington
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Under the laws of all states in this country, if a bank account names anyone other than the decedent, then most likely the account is not an estate asset but rather a joint tenancy account or an account payable upon death like the $15,000 pay out annuity that you wrote about.
That $15,000 account appears to be yours. I suggest that you consult with a Wills and trust attorney in your locality for help. One can be found on attorneypages.com.
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.