 A question about probate? My Father died recently and has not left a will.? |
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camelot | What would happen to my cash savings in the bank if i die without a will? |
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barrbou214
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this question should be an eye opener to those that may have any assets or any money due them if they should die and who to leave it to. as was stated it is common practice when opening an account to state who would have access to your account should you die but it is better to have it in writing and filed as a will
as how you would want the money as well as all of your assets
distributed. as morbid as this may sound, we are never too old to die. i have kept a will since i was 19 yrs old and have up dated it since. i'm 46, so far, but who knows what tomorrow will bring? |
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pshdsa
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It would be decided by probate where that money goes. Money can be tied up in probate if relatives pop out of the woodwork to challenge for the money. Much cleaner to have a will drawn up. |
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quatrapiller
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If you do not have another name on the account, the money goes in to your estate and is taxed, and then split amongst your heirs. This is done through the Orphan's Court (which has nothing to do with kids, by the way). If there is a co-signor on your savings account, ie a joint account, then that money will fall to them and will not be included in your estate. |
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confusedritenow
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i think it would become public property if no have no children or relatives |
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sglmom
 |
First of all, the bank account is frozen as of the time of death -- and payments already authorized are processed.
Then, in the state you are in, there is an order to pay out the proceeds of any property (including bank accounts) in the case where a person dies intestate (without a will). |
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kazink
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Some of the answers are partly right. It really depends on the state you live in.
Basically, if you die without a will a court will have to name an administrator. If an administrator, or the probate process, fails to find your savings at your bank, sooner or later the bank will escheat your assets to the state. When this happens, they are basically put in legal limbo. The money gains no interest, but the state has no right to it either. Anybody with a verifiable legal right to your money (like an immediate relative) can file a claim with your state's unclaimed funds office and receive the funds.
Although this scenario can happen, it's probably unlikely because one of the duties of an administrator or executor is to diligently contact all local financial institutions and request any information regarding any accounts you may have. At that point, it would get sucked into the probate process and used to pay off your final expenses. Any funds left would be distributed according to the administrator or the court.
One thing you can do if you're against getting a will is change your bank accounts to "In Trust For" (ITF). This is a Totten Trust and your money will go to the person named outside of the probate process. It usually doesn't cost anything to do this either. |
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Mayor McKim
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It would go to any credit companies you owe money too, otherwise if would go to someone in your family but they would have to fill out some paperwork and stuff.
this happened when my mom died and the bill collectors got to it before I had a chance to try to get access to the account/ |
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lennie
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I'm sure it goes to the State you live in. |
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lovelyyy
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depends. but why wouldnt you have a will?! i could just tell the bank im your couisns aunts motheres father sisters uncles brothers sister nieces grandmothers brothers moms dads sister 2 cousins great grandfathers mothers cousins sister twice removed an they would be so confused they would give it to me |
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DillyDallyLama
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Tony Blair will claim it - and u voted for him |
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