No. The general rule to remember is that any financial instrument (whether life insurance, IRA, etc.) with a beneficiary that CANNOT be changed by will also CANNOT be transferred by will, and is therefore a non-probate asset.
By definition, an IRA that designates a non-spouse beneficiary does NOT pass through a person's estate. Rather, the beneficiary designation and terms of any related contract determine who receives the assets.
Rules governing bank accounts are much more state-specific and harder to generalize.
In any case, don't take my word for it. Consult an estate planning attorney licensed to practice in your state!
While rules vary by state, the answer to the question is "it depends." Directly, the surviving spouse is NOT responsible for any medical bills or other debts that are entirely in the name of the deceased. Typically this is the case with medical bills. If a person dies and their are probatable assets, then creditors can make claim on those assets. However, given a little planning you can die without ANY probatable assets. The following assets are not subject to probate: Insurance - with a listed beneficiary Retirement plans/annuities - with a listed beneficiary Accounts held TOD - Transfer on Death Accounts held POD - Payable on Death Accounts held JTWROS (Joint Tenants with rights of survivorship) House owned with a survivorship dead Assets held in a trust Note: At no point did I mention a will. A will is a declaration of where you want assets to go, but only those assets subject to probate. So if Dad has $50,000 sitting in a checking account with no POD or Joint Tenant, that assets is subject to probate.
Open an estate through the probate court. They can be appointed the executor. Consulting a probate attorney for your location is a good idea.
In Missouri the debts of the deceased, including hospital bills, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. If the estate has been closed, there should be no further claims. Consult a probate attorney in your jurisdiction for help.
The policy would default to the Estate. which in most cases the spouse would be the executor of the estate. however, it would have to go through probate court first, so you always want to have a primary beneficiary a life insurance policy.
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
In most cases the debts of the deceased, including credit cards, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
In most cases the debts of the deceased, including credit cards, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
The estate is responsible for the decedant's debts. You should consult a probate attorney and open an estate to settle any debts and distribute assets, even if you don't think there are any assets, you might be surprised.
The person named beneficiary is the sole recipient, the ex-spouse would not have a supportable claim to any portion of the death benefit.
The Florida Probate Code In Florida, divorce does not remove the ex-spouse as beneficiary under a life insurance policy. Florida takes the position that the life insurance policy is a contract and should not be interfered with unless fraud is involved. Check your insurance policy to be sure who you have named as beneficiary. Do not rely on the numerous statutory probate codes to determine who will get the insurance proceeds. If you want to change the beneificary of your life insurance policy and the divorce decree is final, complete a new beneficiary form, keep a copy and send it to the insurance company.
In Texas the debts of the deceased, including hospital bills, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. If the estate has been closed, there should be no further claims. Consult a probate attorney in your jurisdiction for help.
yes, but you would have to go thought probate and any debts owed by the estate of the deceased have first claim on any assets, and/or proceeds from the sale of said assets.