QUESTION
Is a savings account with a beneficiary considered part of an estate in Michigan?
Asked on Jun 01st, 2013 on Estate Planning - Michigan
More details to this question:
Uncle's estate in probate, one blood heir not in will. Two people listed in will that is daughter in law and niece. Niece is executor of will and is beneficiary of savings account. We know savings account is not part of probate estate, but need to know if account is considered an estate asset that needs to be distributed beyond the beneficiary that is listed on the account?
7 ANSWERS
Municipal Law Attorney serving Paw Paw, MI
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Mark A. Manning, P.C.
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If the account was a "convenience account" it is part of the estate. In otherwords, the joint owner was on the account simply to handle banking affairs, made no contributions to the account, etc.
Answered on Jun 04th, 2013 at 9:51 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I would have to review the titling of the account or the contract with the bank. Generally the account goes 100% to the joint owner or the person to whom it is payable on death, and no other parties or heirs have any claim to it.
Answered on Jun 04th, 2013 at 9:50 AM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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The savings account will pass outside of the probate estate to the named beneficiary unless you can prove fraud, duress, undue influence etc.
Answered on Jun 04th, 2013 at 9:50 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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No. An asset with a beneficiary on it passes outside probate to the beneficiary. It is not considered part of the estate and is not controlled by the Will.
Answered on Jun 04th, 2013 at 9:50 AM
No.
Answered on Jun 04th, 2013 at 9:50 AM
Unless the will mentions the account, it is not part of the probate estate.
Answered on Jun 04th, 2013 at 9:49 AM
Trusts and Estates Attorney serving Troy, MI
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Barron, Rosenberg, Mayoras & Mayoras, P.C.
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It is by contract and unless uncle was forced or not competent beneficiary receives savings account.
Answered on Jun 03rd, 2013 at 7:58 PM