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If you did not name a beneficiary with your bank but have a Last Will Testament will the bank honor it or will it be tied up in probate?
Wiki User
∙ 16y ago
A bank will honor your last will and testament but generally that is done through probate. This may be avoided sometimes if the total asset left are a small amount. Depending on what state law allows.
Wiki User
∙ 16y ago
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Is a beneficiary on any type of insurance responsible for any credit card debt?
The beneficiary is not necessarily responsible, but the estate of the deceased will go through probate. At that time, any outstanding loans or financial obligations will be paid from the estate. This will have the effect of reducing inheritance and will seem to be "you" paying for the debt, but it actually the last bill everyone pays.
How can a bank execute a last will and testament?
A Last Will and Testament must be executed by a person. In that sense "execute" means to make and to sign. A bank may be appointed the Executor of an estate. The Executor is given the power by the court to carry out the distribution of the assets as directed in the will, pay debts and taxes, sell the real estate if necessary, execute the necessary probate documents, etc. The bank is entitled to a fee for this service. When a bank is appointed as the Executor the bank assigns a bank official to the case who signs all the documents necesssary to settle the estate on behalf of the bank.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
How do you file a claim with Union Fidelity Life Insurance Company?
I am emailing you from an attorney's office in Ellsworth, ME. Our client's mother passed away on 03/17/2013. She had a policy with your company but it appears that no beneficiary was named. There was no Last Will and Testament, her spouse has passed, closest blood relatives are her 4 grown children. There seems a if the only son is trying to get the benefits of this individual's insurance pay off. I'm sure your company has a list of who is in the line of succession when the estate is Ïntestate"and too small to probate. Isured: Emma Whalen Certifiçate/Policy # D02-087841. I have a copy of the death certificate and obituary. Please advise as to what needs to done. Sincerely, Jeanne Jones, Office Manager for Jeffrey W. Jones, Esq. jeanne@jeffjoneslaw.com
Does the bank notify you when your life insurance beneficiary is to receieve monies?
I'm not taking your question lightly, but if YOUR life insurance beneficiary is going to receive money, that means YOU died. Hence, since you would be gone, there would be nobody to notify. The insurance company has to be notified of your death. Your BENEFICIARY or policyowner or executor has to FILE A CLAIM to receive the death proceeds. The check is usually just sent to the beneficiary or beneficiaries. Sometimes things are a little more invovled when there are title questions, like a divorce, or dying intestate, or if the insurance company is notififed of a dispute in court over the ownership. If you're having a dispute, notify the insurnace company of the dispute and the person's death, so they can freeze issuing the proceeds to someone who may be last listed as the beneficieary, but the court finds in favor of another party.
Can a last will and testament in Ontario be contested?
Any will can be contested. The person that is contesting it must have standing, meaning they are either a natural heir of the deceased or named as a beneficiary. Consult an attorney in Ontario that specializes in Probate for specifics.
Is a last will and Testament a open record?
Once it is filed in the probate court. Until then it is private.
My grandfather died in 1990 how can I get a copy of his last will and testament?
It should have been filed in the probate court in the county where he was last residing when he died.
Your father left a will but it has gone to probate why?
A will must "go to probate" in order to be declared legal and enforceable. Going to probate means having the will proved as a valid last will and testament according to the applicable state laws.
How do you make your Last Will and Testament?
Make an appointment with an attorney who specializes in probate matters. Wills should be drafted by professionals.
Can you post a last will and testament on the web?
You can post pretty much anything you wish to the web. It would not be a valid will for probate purposes.
Is a Last Will and Testament legal if it was not probated in Pennsylvania?
No. The Will must be filed in probate, allowed by the court and the executor must be appointed by the court.
Can you insist on a copy of fathers last will and testament?
If your father is living , no. If your father has died and you know someone has the Will you can insist it be filed with the probate court. Once it has been filed for probate you can visit the court and obtain a copy.
In New Zealand should a lawyer acting for executor of a will send a bank cheque to a last known address of beneficiary or should a letter be sent asking the beneficiary to contact the lawyer?
No. The lawyer should consult with an attorney with more experience in probate matters in New Zealand. Lawyers do not usually send bank checks to "last known addresses". The lawyer should establish contact with the beneficiary and usually obtains a written release of any future claim agains the estate. Please seek advice from an attorney who specializes in probate in your jurisdiction.
Is deed of variation to change will apportionment allowed under state law in US?
A "deed of variation to change a will" is generally not part of the probate codes in the United States. Many states have methods by which a beneficiary can decline their legacy or assign it to someone else but generally the last will and testament of a testator is carried out according to the instructions set forth in the will.
What happens if there is no benificiary for a life insurance policy?
If there is no living beneficiary then the beneficiary becomes the estate of the insured. If there is a will the administrator of executor will have the benefits to pay for last expenses and then pay out as the State Law mandates. If there is no will the magistrate or probate court will assign an administrator or executor to handle these items.
Where do you go to get a certified copy of a Will?
It is merely a photocopy of a will certified by a probate lawyer. A certified copy of a will is a photocopy of that the court which admitted it to probate certifies it as the last will and testament of the decedent and that it has been admitted to probate and is therefore effective as the last will.
