Probation can be an expensive and lengthy process. But what if you are a deceased relative and need access to the funds? The Probate Helper can help you manage the bank account without going through Probate. It is a personal probate assistant that can help you take control of your loved one’s bank account. You can access all the funds in the account and have complete control over the account. For example, you can transfer funds to another account, withdraw funds, or make payments on behalf of the account holder.
When two or more people share a bank account, there is usually a right of survivorship. So, what happens when a person dies? Does the Probate look into the bank account?
If two people handle the Bank account and one of them passes. The second owner is given the account without proceeding through Probate, and is maintained solely in their name. But if a designated heir is present, the beneficiary can go to the bank and file a claim form to inherit the account. It does not need Court action if the account holder dies. The account is kept in one person’s name without a co-owner or specified beneficiary. The assets will transfer through the decedent’s probate estate.
Probate is not a worry for most families who leave assets to their spouses, children, or siblings. It does create some delay since the Executor must obtain Court approval before marshaling the estate’s assets, and there are legal and court filing expenses connected with a probate procedure. However, Probate can be time-consuming and expensive if you are disinheriting a family member or do not have any close relatives. If a family member has disinherited, then the Executor is required to secure the approval or defend Will against challenges.
Right of Survivorship
Most bank accounts with two holders had the “right of survivorship.” This implies that the surviving owner becomes the sole owner of all money if one co-owner dies. Sometimes it’s evident that the account has the right of survivorship. However, if your account registration paperwork at the bank contains your names and mentions joint tenancy or the right of survivorship, it may or may not be a joint tenancy account. If in doubt, verify with the bank to ensure that the right of survivorship has been spelled correctly.
Some individuals add another person’s name to an account for convenience. For example, you could want your grown daughter to be able to make checks on the account to assist you while you’re busy, traveling, or ill. Alternatively, you may wish to grant a family member easy access to assets in an account after your death. The funds would be used for funeral expenses or other reasons. However, following the death, the person whose name you add to the account will become the sole owner of the funds.
Does Probate look into bank account: CONCLUSION?
Once the Probate is complete, it looks at the bank account of the decedent’s assets. The assets are then divided among the heirs and beneficiaries. Many want to protect their assets by transferring them to beneficiaries or heirs before they die. With a Lawyer, any person can create a will, trust, or other estate planning document to determine how their assets are well distributed.
The inheritance process can be lengthy and difficult for heirs. Transferring assets before death can prevent this from happening. An estate planning lawyer can help a person plan their estate. As a result, they assured that assets would be distributed according to their wishes.