QUESTION

Is her 401k account part of her estate subject to probate law since there was no will?

Asked on Jul 07th, 2016 on Estate Planning - Ohio
More details to this question:
I was named as sole beneficiary on my sisters IRA/401k acoount. I have 14 brothers and sisters. The sister whom named me died with no will. Do I legally have to share the money left in her investment with them? Thanks.
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2 ANSWERS

Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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401(k) accounts are not probate assets unless no beneficiaries are named. When beneficiaries are named, the beneficiaries receive the funds and other people, including family members, have no claim.
Answered on Aug 22nd, 2016 at 6:41 AM

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Corporate/Business Attorney serving Beachwood, OH at Christine Sabio Socrates Attorney at Law
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A 401(k) with a proper beneficiary designation will pass outside of probate and directly to the beneficiary listed. However, it does not prevent your siblings from asserting their claims in probate court to argue why the feel entitled to a portion of that asset, it may or may not hold up in court but you cannot stop them from filing a suit against you for the money. Were there any other probate assets or assets which were held only in your sister's name without any beneficiary designation? If so, they would be entitled to a share of that under the laws of intestate succession.
Answered on Aug 11th, 2016 at 7:06 AM

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