If my brother is in hospice care, when he passes will this money go into his estate and be consumed by medical expenses?
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If my brother is in hospice care, when he passes will this money go into his estate and be consumed by medical expenses?
He has no assets in the US but he does have a retirement fund in Australia. He has a named beneficiary on this fund. He is trying to plan so his wishes can best be met.
Asked on March 16, 2014 under Estate Planning, Illinois
Answers:
Anne Brady / Law Office of Anne Brady
Answered 10 years ago | Contributor
Generally, in the U.S., when a fund (or insurance policy) has a named beneficiary, the money goes to the beneficiary and does not become part of the estate. I can not speak to the law in Australia. Your brother may want to verify with the retirement fund manager that the money will go directly to his named beneficiary. He can also alert them to the fact that he is dying.
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