Do our adult children need to be listed as beneficiarys if we have a will?
Full Question:
We filled out our Wills for married couples with adult children. Upon our death, can our children get our money from our bank checking accounts with just the Wills, or do they have to be
beneficiarys on the bank accounts to get our money? Our bank said they must be put on as beneficiarys, is this true, or which is true? Or do we need to fill out Power of Attorney for this?
04/27/2009 |
Category: Wills and Estates |
State: ALL |
#16210
Answer:
If a bank account is a payable on death account, a will or power of attorney isn't necessary to distribute the assets to the named beneficiaries. Generally, assets that pass under a will are subject to the probate process. Some assets pass outside the probate process, such
as payable on death accounts. Often, a bank account may pass directly to the beneficiaries named on the bank's beneficiary designation form without going through the probate process that the assets designated under the will do.
