How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55717
Experience:  29 years of experience practicing law, including tax and estate planning.
Type Your Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year 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 1 year 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.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!