QUESTION

Can money be distrubted to heirs by a signatory on MMA accnt before probate without taxes?

Asked on Jan 07th, 2011 on Taxation - California
More details to this question:
Does the estate need to go through probate before a signatory on a money market account ca distribute money to heirs mentioned in the will? The estate is under $675000.
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2 ANSWERS

Chapter 7 Bankruptcy Attorney serving Lisle, IL at Mankus & Marchan, Ltd.
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The Trustee of the will has the responsibility to retain an attorney who will follow the State laws regarding probate procedures and distribution of assets.
Answered on Jan 10th, 2011 at 3:58 PM

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Bruce Givner
First, the probate rules vary from state to state, so I cannot answer with any certainty. Second, I cannot be certain from your statement of the facts whether the money market account is part of the probate estate. If it is, then - again this is guesswork - it should not be distributed until there is a probate court order. Third, if the account is a joint tenancy or similar type of account, it may not be subject to the probate, so that it can be distributed to the other name signed on the account (but not to someone named in the Will.
Answered on Jan 10th, 2011 at 1:58 PM

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