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N Cal Attorney
N Cal Attorney, Attorney
Category: Estate Law
Satisfied Customers: 8187
Experience:  Since 1983
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I am the executor of my deceased brothers estate. There is

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I am the executor of my deceased brother's estate. There is a current authenticated will that lists one of his nieces as the sole beneficiary of his entire estate, which is not very large. However, there is one old savings account that has my brother as trustee and our estranged sister as beneficiary. My brother's estate does not have enough assets to satisfy all of his debts without the proceeds from this savings account. My question is this - does the law allow me to use the proceeds from this savings account towards his debts or must it all go to this other sister?
Submitted: 1 year ago.
Category: Estate Law
Expert:  N Cal Attorney replied 1 year ago.
The trustee of an account has no legal ownership over the contents of the account, so it is not part of the Estate and cannot be used to pay debts of the Estate,

The Account Agreement supersedes the Will.

I hope this information is helpful.
N Cal Attorney, Attorney
Category: Estate Law
Satisfied Customers: 8187
Experience: Since 1983
N Cal Attorney and other Estate Law Specialists are ready to help you
Customer: replied 1 year ago.
What happens if I am unable to contact the beneficiary?
Expert:  N Cal Attorney replied 1 year ago.
If the beneficiary cannot be located, eventually the Bank will give it to the State of Tennessee’s Unclaimed Property Division, see
http://www.treasury.state.tn.us/unclaim/PDFs/UCP-Book2013.pdf

Expert:  N Cal Attorney replied 1 year ago.
Thank you for accepting my answer.

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