My grandmother recently died, and I believe that the beneficiary on her account might be my deceased aunt. If this is the case, what will happen to the funds? My grandmother's only living relatives are myself and my cousin.
Untitled
Who those funds belong to will depend on state law. In some states, if the beneficiary predeceases the account owner, the funds go to the deceased account owner's estate. In other states, the funds would go to the estate of the deceased beneficiary. Contact the bank holding the funds, and, if necessary, an attorney with knowledge of the laws in the state where your grandmother resided.
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.