QUESTION

If I am the beneficiary of a bank account, does that money go to the Estate?

Asked on Feb 13th, 2013 on Estate Litigation - Ohio
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Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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It depends. If the account is a joint or pay-on-death account (sometimes call a "Totten Trust"), the balance in the account passes automatically to the survivor or payee on death. If the account is solely in the name of the deceased and is disposed of under a will, then the account is part of the estate and passes as provided in the will.
Answered on Feb 13th, 2013 at 3:03 PM

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