| There are some simple ways to avoid probate…read on:
READER QUESTION:
Hi.
If I have monetary assets solely in my name, would those entities be subject to probate? If I put one of my children’s names on with me, would those entities still be subject to probate?
Thanks.
MY RESPONSE:
Okay, you are the banker, and your customer, who had a savings and checking account in her sole name, just died. Her husband comes into the bank and says, “My wife just died, please give me the money in her checking and savings account.” He did say “please.” Nevertheless, the bank will not give him the money. They will not because they do not know who their customer would want the money to go to. In fact, the bank would be liable if they gave the money to the wrong person…and the husband may be the wrong person!
The bank will tell the husband to probate the will and then they will give the money to the executor. The executor will then follow the dictates of the will, subject to court oversight.
To get around this, and to avoid probate, all you have to do is make the bank accounts joint or name a beneficiary on the account. Easy peasy! |
