QUESTION
If not specified in her Will, how this should be handled upon her death and what would happen to this money?
Asked on Jan 18th, 2013 on Estate Planning - Michigan
More details to this question:
My Mother who passed last year January 1, 2012, as it turns out left money in an account in Michigan.
19 ANSWERS
Real Property Attorney serving Utica, MI
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Douglas A. Tull, P.C. Attorney at Law
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If mom died a resident of another estate - and if there were probate proceedings in that state, you can start "ancillary proceedings in Michigan to handle that asset - if you do nothing it will "escheat" to the state of Michigan eventually.
Answered on Feb 04th, 2013 at 11:08 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Her will should have a residuary clause. If the property was joint POD or otherwise left to another person outside the will, there is little recourse.
Answered on Jan 28th, 2013 at 8:42 PM
If your Mother left money in any account with another person on the account jointly, then they get all the account money. The Will would not matter. If you mother left a Will, it should have been filed with the probate court. The court would appoint the person she named to be the executor, or the court might appoint the Public Administrator to handle the probate proceeding. Find out if here Will was ever filed with a court and in which county.
Answered on Jan 23rd, 2013 at 11:02 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It is almost certainly covered in the Will. If not specified, then it would pass under the "residuary clause" of the Will. That usually says something like, "I leave all of the rest, residue and remainder of my estate to..."
Answered on Jan 22nd, 2013 at 11:44 PM
2 Awards
It depends upon the amount of money left in the account, whether there was a beneficiary in the account and what the institutions policies and procedures are. Contact the institution where the money is held directly. If that doesn't work, contact an attorney.
Answered on Jan 22nd, 2013 at 10:26 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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The account is treated as being part of her estate in the state where she was domiciled. If she lived in California, then it is part of her California estate. It is, of course governed by her California will.
Answered on Jan 22nd, 2013 at 10:25 PM
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Needs to be administered according to the rules of intestacy.
Answered on Jan 22nd, 2013 at 10:25 PM
Litigation Attorney serving St. Louis, MO
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Probate Law Center Richard J. Keyes, PC
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The amount left in an account in Michigan should go a part of the residue of your mother's estate. If no estate has been opened, then please see an attorney in regard to opening up a probate estate.
Answered on Jan 22nd, 2013 at 1:34 PM
If your mother left a Will, it probably has a residuary clause that would cover this. You will need authority to persuade the Bank to release the money. That means some kind of probate in Oregon (and possibly Michigan).
Answered on Jan 22nd, 2013 at 1:34 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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The terms of the bank account, and its ownership, may be determinative. Otherwise the money is going to be part of her estate and distributed in accord with her will. See an attorney with all of the details.
Answered on Jan 22nd, 2013 at 1:33 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If she had a residuary clause in her Will that would cover anything not specifically mentioned. If the account is Michigan property you would have to contact Michigan to see how to probate the estate there and get the money.
Answered on Jan 22nd, 2013 at 1:31 PM
Assuming that all the debts of the estate have been paid, the funds will become part of the remainder of her estate and should be distributed according to the terms of her will unless a beneficiary is named on the account itself.
Answered on Jan 22nd, 2013 at 1:31 PM
Estate Planning Attorney serving Marquette, MI
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The Wideman Law Center, P.C.
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If there is money in an account with no named beneficiary, this will need to go through Probate. There are simple procedures for small probates. You should contact an attorney for assistance.
Answered on Jan 22nd, 2013 at 1:30 PM
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The account would pass to the residuary beneficiaries in the Will. It need not be specifically mentioned. If there is no residuary clause then it would be vis a vis the intestate law in the state where she resided at the time of death. A probate may or may not be necessary depending upon the value of the account and the value of her other probate assets.
Answered on Jan 22nd, 2013 at 1:30 PM
Federal Taxation Attorney serving Livonia, MI
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Gold & Associates PC
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You may need to open a probate estate.
Answered on Jan 22nd, 2013 at 1:29 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You need to start a probate action and the personal representative can get the money in the account.
Answered on Jan 22nd, 2013 at 1:29 PM
A probate will be needed if the account is solely in your mother's name.
Answered on Jan 22nd, 2013 at 1:27 PM
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Almost all wills have a "residuary" clause. Anything not specifically given under the will would fall under that clause. If there is no residuary clause, then you would have a partial intestacy, and that portion would fall under applicable intestacy law.
Answered on Jan 22nd, 2013 at 1:27 PM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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Usually the Will provides for what happens with the residue of the estate (everything left after specific gifts). Have a lawyer review the Will for you.
Answered on Jan 22nd, 2013 at 1:27 PM