My mom died and made her granddaughter (my daughter) the beneficiary on her savings account. No-one is joint on the checking account. Am I granted the monies in the checking account if I am the only executor in her Will?
Untitled
If your daughter was named as beneficiary on the account, and the designation was not revoked by your mother prior to her death, the account now belongs to your daughter, not to your mother's estate. If your daughter is a minor and unable to manage the account, the bank may transfer the funds to a Uniform Transfers to Minors Act (UTMA) account on behalf of your daughter, naming an adult (probably you) as custodian. That means that the funds would be hers, but they would be managed by you for her benefit until she reaches age 18 or 21, depending on the wording of your state's UTMA statute.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
If your daughter was named as beneficiary on the account, and the designation was not revoked by your mother prior to her death, the account now belongs to your daughter, not to your mother's 