There is no listed beneficiary named on the account

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There is no listed beneficiary named on the account

My 18 yr old nephew passed away in May of 2008. His soon to be 17 years old brother (Jonathon) wants to know how to get the funds from his Fidelity account of $46K for college. There is no listed beneficiary named on the account. His father is alive and Jonathon had him emancipated. Jonathon also lives with his grandparents. My deceased 18 yr old nephew always said if anything ever happened to him that he wanted everything to go to Jonathon. This is in the state of Michigan

Asked on July 2, 2009 under Estate Planning, Michigan

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If there was no will than your deceased nephew's assets would pass according to the intestacy laws of Michigan.  Generally, that would be to the next of kin.  Specifically, if no spouse or children than to the surviving parent(s); if no surviving parent, than their siblings.  In your situation,  the account proceeds will pass to the father, and, if the mother is alive, she will split with the father. 

You really should consult with an attorney in your area about all of this. 

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If there was no will than your deceased nephew's assets would pass according to the intestacy laws of Michigan.  Generally, that would be to the next of kin.  Specifically, if no spouse or children than to the surviving parent(s); if no surviving parent, than their siblings.  In your situation,  the account proceeds will pass to the father, and, if the mother is alive, she will split with the father. 

You really should consult with an attorney in your area about all of this. 


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