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Richard, Attorney
Category: Estate Law
Satisfied Customers: 53725
Experience:  29 years of experience practicing law, including tax and estate planning.
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My father recently passed away and my siblings and I are all

Customer Question

My father recently passed away and my siblings and I are all listed in my father's life ins policy, cd or IRA account, and the money in each account is to be divided equally. My father also has a Will and named a good family friend as name Executer.
1. Can these account be closed with a copy or the death certificate and the money disbursed to each of us?
2. Does will give the Executer power of attorney to closed the accounts listed above and to have all money put it into an Estate Escrow account. Then once my father's house is sold that money would be put in the Estate Escrow account and all the money would be disbursed, minus any money that my father may have still owed at the time of his death.
Submitted: 4 months ago.
Category: Estate Law
Expert:  Richard replied 4 months ago.

Hi! My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 4 months ago.

Certain assets pass outside probate and thus are not governed by the will and thus do not require probate and are not under the control of the executor. These include the following: i) joint brokerage and bank accounts which vest automatically in the surviving owner upon the death of one owner; ii) real property held as joint tenants or tenants by the entirety, which also vest automatically in the surviving owner upon the death of one owner; and iii) assets with designated beneficiaries other than the estate such as life insurance and retirement accounts. The assets you reference all fall within the foregoing and pass automatically. The designated beneficiaries need simply provide a copy of the death certificate and complete an application that will substantiate that the beneficiaries are who they say they are. The executor is not involved, and these assets are neither under his control nor subject to debts of the estate.

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