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What else can I help you with?
Can you transfer an inherited IRA to another beneficiary?
Yes, an inherited IRA can be transferred to another beneficiary through a process called a "trustee-to-trustee transfer" or a "direct transfer." This allows the new beneficiary to continue the tax-deferred status of the IRA.
Does life insurance still go through probate if your name is the beneficiary in NH?
That is the beauty of life insurance~! With a properly named beneficiary there are no taxes and it avoids probate!
Can you explain how a beneficiary deed works in estate planning?
A beneficiary deed is a legal document that allows a property owner to designate who will inherit their property upon their death. This can help avoid the property going through probate and allows for a smooth transfer of ownership to the designated beneficiary.
What are the implications of having a transfer on death deed with a mortgage on a property?
Having a transfer on death deed with a mortgage on a property means that upon the owner's death, the property will transfer to the designated beneficiary without going through probate. However, the mortgage on the property will still need to be paid off by the beneficiary or the property may be subject to foreclosure.
If you have a will and deceased owned a house that you live in does it have to go to probate?
Yes, the proper way to change the property ownership is through the probate process.
If you are the beneficiary how could a friend claim the life insurance through probate?
Under normal circumstances the named beneficiary collects the proceeds from a life insurance policy without court intervention.
In Texas if beneficiary is named in will do you probate will?
In Texas the will should go through probate. That makes sure all the debtors are satisfied and that the will is executed properly. It also makes sure the appropriate taxes are paid.
Is a transfer on death deed a good idea for estate planning?
A transfer on death deed can be a good idea for estate planning because it allows you to transfer property to a beneficiary without going through probate. However, it may not be suitable for everyone, so it's important to consider your individual circumstances and consult with a legal professional before making a decision.
My mother passed recently and had no living will.I am her only child. Do I have to go through probate to access funds in her bank account?
Yes, this must go through probate. The only exception is if you are already a joint account holder or if she had an "in the event of death" beneficiary on the account with your name on it.
Can i take a death certificate to a bank and retrieve money from the deceases' account?
No. You need proof that you are the executor of the estate.
Is the surviving spouse the legal beneficiary of a life insurance policy if no one is named beneficiary?
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.
Can a heir reject life insurance My brother had life insurance no beneficiary. Parent will be getting 50 percent each if one parent rejects there end will the other parent receive the full amount?
NO. Your question is a bit confusing. First you state their is no beneficiary but then indicate the parents may be the beneficiary. Normally life insurance proceeds do not go through an heirs probate process. Life insurance goes directly to the designated beneficiary outside of any probate process unless no one has been designated or the designated beneficiaries are themselves deceased. If there is no designated beneficiary at all, the life insurance will default to the estate of the deceased for probate and apportionment to the heirs. If there are 2 equal 50 percent designated beneficiaries and one rejects their 50 percent portion, that 50 percent will be assigned to the estate of the deceased for probate and then be apportioned to the heirs of the deceased. An heir can assign his or her inheritance to another heir if they so choose. If the heirs reject the proceeds of the life insurance disbursed by the estate and then also decline to assign it to another heir, then those proceeds will default to the government.
