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As Beneficiary, are Funds Simply Mine?

My brother passed away and I was listed as the beneficiary on his accounts. Does this money belong to me, or does it need to be listed as part of his assets for probate without a Will?

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If the accounts themselves listed you as beneficiary, and those designations remained in effect until his death, you are now the owner of those funds. You will need to provide the bank a certified copy of your brother's death certificate, along with acceptable identification, in order to claim the accounts. The banks will either change their records to reflect your ownership, transfer the funds into new accounts in your name, or issue you a check for the balances in the accounts.

Published on BankingQuestions.com 12/17/08