Bank Accounts that Form Part of the Estate
However, if neither of the above situations apply and no beneficiaries have been named, then the account—or rather, the contents of the account—form part of the deceased’s estate and are dealt with according to official laws of inheritance that kick in when someone dies intestate.
Keep in mind that an executor named by the probate court to deal with the deceased’s estate will need to cover any debts and outstanding costs incurred by the estate with the estate’s funds, meaning that they may liquidate the bank accounts and use the funds to cover settlement costs. Whatever is left over is then distributed to beneficiaries, as set forth by specific laws.
There’s nothing quite like having peace of mind, and a good estate plan as well as a valid will will ensure that your loved ones will be taken care of exactly how you’ve envisioned it. Curious to learn more? Get in touch with ClearEstate for a free consultation today.