If you find yourself referring to this article now or you decide to keep it in a drawer or on your computer for some unforeseen time in the future, please know that I am here to help you and assist you as you seek answers to your questions and a measure of financial equilibrium. ...
In most states, most or all of the money goes to the deceased’s spouse and children. How do banks discover someone died? Banks need to know when an account holder dies, so accounts can be promptly closed and funds distributed. Family member A common way for a bank to discover that...
However, if you are the spouse of the deceased and you have shared debts, you may want to use the life insurance to pay off the debts that have now become your sole responsibility. If the beneficiary is deceased and the money does end up going to the estate, there is a good likelihood...
Other state laws exist that could require the spouse to assume responsibility. Authorized users Authorized users are not usually responsible for the primary cardholder’s debts. However, the authorized user should stop using the card immediately when the primary account holder dies. If they ...
If you're not sure whether you fall into any of these categories, you may need to consult an attorney. But in short, if you aren’t a co-signer or joint account holder, or a spouse living in a community property state, you aren’t legally required to pay a deceased person’s credit...
Part of our ongoing series:What To Do When Someone Dies Joint Account:In the event that you have a joint bank with the deceased, all control over the account goes to the remaining party, and you can continue to make payments, deposits, and changes the same way you did while the deceased...
When a spouse dies, their assets typically transfer to their surviving spouse, as long as their surviving spouse was named as the beneficiary of the account. That's why if you have an IRA, a 401(k), or other accounts, it's crucial for you to set up your beneficiary designations—wheth...
The first choice will result in a higher monthly payment, but when the recipient dies, the benefit stops. If the pensioner dies a month after the pension begins, the payments will end. The spouse must sign a consent form for the single life benefit option, due to a rule mandated...
Qualified terminable interest property (QTIP) trust: When the first spouse dies, the assets in the trust account support the surviving spouse; when the surviving spouse dies, the remaining assets go solely to the first spouse’s chosen beneficiaries. Generation-skipping trusts: A trust in which ...
Tenants by entiretyis a title that conveys ownership to a legally married husband and wife, treating the couple as one individual. If one spouse dies, the title is transferred to the living spouse in entirety. Joint tenancy, which involves two or more individuals holding a real estate title ...