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My husband and I have all our funds in a Michigan Credit Union. Our two children are named as beneficiaries on all Accounts & CD's.Would these have to be probated.?
Wiki User
∙ 14y ago
No if their names are on the accounts then it is their money already.
Wiki User
∙ 14y ago
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What banks offer children's bank accounts?
There are many banks that are offering children accounts from high street to online accounts though the type of the accounts will vary. One of the banks offering children accounts is Barclay's which is offering Barclay plus account for children between the age of 7-18.
How do all beneficiaries on a life insurance policy split the money?
They split it evenly unless the insurance policy specifies that the proceeds are to be divided among several beneficiaries in some other way. Sometimes a policy can be payable to a spouse and children, with the spouse getting one size share and the children dividing the rest among themselves. The owner of the policy has the right to specify who gets how much.
Is there an age requirement for opening a savings account?
No, parents can open savings accounts for children or children can open savings accounts for themselves. If a parent has opened a savings account for a child then they can put it in their name once they turn eighteen.
What kind of banking services does ING offer?
ING offers common banking services such as checking accounts, home loans, investing, retirement accounts, children's savings accounts and CD's (certificate of deposits).
What happens if a parent passes away with unsecured credit card debt but she had money in an IRA which has been distributed to her children?
In my experience, most IRAs have individuals named as beneficiaries. When someone dies the institution will then distribute the IRA assets to each of the beneficiaries into an IRA BDA (beneficiary IRA). In the cases that I have seen this will keep the assets out of probate which means the creditors cannot touch it. This is one very important reason to always make sure your beneficiary information is up to date and don't ever just list "estate" or leave it blank. Even if you pick a charity it is better than letting it go through probate. Same thing should go for life insurance policies, joint accounts with right of survivorship, etc.. The only thing creditors can usually go after are things that do not have bene's named and that go through probate. Creditors are paid first from estate accounts before beneficiaries get anything. Always consult legal advice from the professionals. This is a typical scenario above but sometimes there may be loopholes or missing details.
Are adult children responsible for paying deceasded parents medical bills in Michigan?
The children are not directly responsible. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Can contingent beneficiaries be all children?
Yes.
How do you chose the beneficiaries to your life cover plan?
To choose the beneficiaries to your life cover plan you need to consider who you want to benefit in the event of your death. Most people choose their spouse and children as their beneficiaries.
Will your life insurance with your children as beneficiaries pay for your medical bills if you die?
no
When was Children's Hospital of Michigan created?
Children's Hospital of Michigan was created in 1886.
How can you create a trust deed that would take in an insurance policy having your children as beneficiaries?
Only in the Married Women Property Act policy, you need to make a trust and your wife and your children will be beneficiaries only. But you can not surrender or assign this policy to any one.
When was Michigan State University Children's Choir created?
Michigan State University Children's Choir was created in 1993.
What bank offers specific children's accounts?
The Bank of Scotland is a bank which offers current accounts and bank accounts for children as young as 11 years old and there is no investment needed.
What banks offer children's bank accounts?
There are many banks that are offering children accounts from high street to online accounts though the type of the accounts will vary. One of the banks offering children accounts is Barclay's which is offering Barclay plus account for children between the age of 7-18.
We have a trust for our children does my husband's ex have a legal right to know who our beneficiaries are?
That could vary from state to state.
Can my husband 's 401k and pension be willed out to our children or by law is it the spouses?
The contributor has to designate the beneficiaries of the 401k.
Does PNC Bank offer savings accounts for children?
The PNC Bank does offer savings accounts for children. They are happy to promote them because children are less likely to build up overdrafts for instance. The accounts are provided free of charges.
