Does a beneficiary of a savings account have to split the proceeds with the heirs of an estate?
Other siblings are asking for split with the deceased's savings account which had a beneficiary as one of the surviving children, does it have to be split between the children or would if be the sole ownership of the beneficiary?
The entire savings account goes to the designated beneficiary. It is NOT divided with the other siblings.
Answered 6 years ago| Contributor
People who are designated beneficiaries of various accounts such as bank accounts, life insurance proceeds, pensions, etc. are solely entitled to the funds. The reason is that these sums pass outside of a deceased's estate. The heirs are only entitled to items that must be probated and since a bank account with a designated beneficiary is not one of them, it would pass directly to the beneficiary and is their sole property.
Note: If the bank account did not name a beneficiary it would be a part of the probate estate and therefore pass to the heirs accordingly.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you go to AttorneyPages.com and retain an attorney to represent you.