Is a VBank Account With a Named Beneficiary Part of the Rsiduary Estate?
Full Question:
My mother passed away and left her residuary estate to be divided between siblings. On my Mother's IRA/Brokerage Account my sister was listed as the beneficiary. Since my sister was listed as the only beneficiary on this account does this mean that the proceeds are not part of the residuary estate and therefore to my sister exclusively?Thank you
07/02/2011 |
Category: Wills and Es... ยป Probate |
State: Michigan |
#25131
Answer:
Certain assets are not included as part of a person's estate and may pass outside of probate, such as trust assets and transfer on death accounts or property owned by joint tenants which passes under a right of survivorship when one tenant dies. If she was named on the account a joint owner with right of survivorship or named beneficiary, the asset passes outside the residuary estate under a will. If a person is named as the only other joint tenant with survivorship or as the sole named beneficiary, the asset belongs to them exclusively on the other owner's passing.