So you have a lot of assets to deal with including a house. It is important to know how property and assets pass at death.
As a general rule, here are some of the principles for settling estates with surviving spouse:
- Joint Checking Account – passes to spouse. Jointly owned with right of survivorship.
- Savings Account – passes to spouse. Jointly owned iwht right of survivorship
- Stock Certificates – passes to spouse IF joinlty owned, or passes to estate to be probated if it was individually owned by deceased spouse.
- Residence or Real Esate – if jointly owned, then 1/2 to spouse and the 1/2 ownership to estate. If individually owned by deceased spouse then ownership passes to estate.
- Investment Account – if individually owned by deceased, then passes to estate.
- Insurance – paid directly to beneficiary, usually the spouse. The insurance benefit never comes into the Personal Representatives control unless the beneficiary is designated as the estate.
- Individual Retirement Account – paid to designated beneficiare who would most probably be spouse.
- Personal & Household Goods (boat, car, etc) – individually owned asset would pass directly to the estate.
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