If my father died and had a bank account that I was the beneficiary of but left a spouse, am I entitled to this money?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my father died and had a bank account that I was the beneficiary of but left a spouse, am I entitled to this money?
Asked on September 17, 2013 under Estate Planning, Alabama
Answers:
Anne Brady / Law Office of Anne Brady
Answered 11 years ago | Contributor
Whether or not you are entitled to the money depends on how the bank account was set up, but you probably are. I am assuming your father died without a will. If so, there are still two main ways that your father could have avoided having all his assets dispersed by way of the law of intestacy. One is by establishing an account or accounts with someone else as joint tenants with rights of survivorship. This can be done with a bank account, a stock account, even ownership of real property. Secondly is to make someone a beneficiary of something, such as life insurance or a trust. Or a bank account can be set up with a "pay on death" beneficiary. This is perfectly legal and trumps the intestacy laws.
Anne Brady / Law Office of Anne Brady
Answered 11 years ago | Contributor
Whether or not you are entitled to the money depends on how the bank account was set up, but you probably are. I am assuming your father died without a will. If so, there are still two main ways that your father could have avoided having all his assets dispersed by way of the law of intestacy. One is by establishing an account or accounts with someone else as joint tenants with rights of survivorship. This can be done with a bank account, a stock account, even ownership of real property. Secondly is to make someone a beneficiary of something, such as life insurance or a trust. Or a bank account can be set up with a "pay on death" beneficiary. This is perfectly legal and trumps the intestacy laws.
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 retain an attorney to represent you.