What assets are considered to be the property of an estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What assets are considered to be the property of an estate?
My mother made a TOD deed to only me. From what I understand, the house will go directly to me and she will just drop off the deed. If her Will says the “estate” goes to the 3 children (I am one of them), do I have to divide up the profits with the other 2 children when I sell the house? Also, she left me solely as her beneficiary on her life insurance and bank accounts and the bank manager said that she would “fall off” the bank account when she dies leaving only me on it. Is any of this considered her “estate” or is it all mine?
Asked on August 17, 2011 Ohio
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Certain assets pass outside of the probate estate. Accordingly they are payable to the designated beneficiary, regardless of what a Will may provide. And as you seem to be fully aware, bank accounts, life insurance and real property can be passed in this way. However, if you mother's expectation is that her estate be passed to all 3 children, then morally you want to think long and hard about just how her estate is split. Additionally, if your siblings feel that some form of undue influence or the like was a factor at play here so that your mother was somehow tricked or coerced into naming you as sole beneficiary of the stated assets, you could find yourself in court. Such lawsuits are long and expensive.
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.