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
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: Michigan
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.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
