What is the name of your state (only U.S. law)? Georgia
Hi,
My brother just passed away a few days ago. His only assets are a 401K ($15,000) and a bank checking account ($700). He does have a small ($2,000) life insurance policy. He didn't own any real estate or other substantial property (just clothes and similar stuff). He had no will. I believe the 401K has my mother (still living) as a beneficiary (should be able to verify in the next day or so).
We'd rather not hire an attorney if we don't have to considering the estate is pretty small and we'd prefer to save the money if possible. I've done a little online research but have a couple questions:
1. Assuming the 401K and life insurance policy has my mother as a beneficiary, will these need to go through probate?
2. If the answer to #1 is no, and assuming he had no outstanding debts, do we need to do anything at all.
3. Can my mother transfer the $700 from his checking account into hers now or should this wait until probate has concluded (assuming probate is necessary)?
Thanks in advance!
-Thomas
Hi,
My brother just passed away a few days ago. His only assets are a 401K ($15,000) and a bank checking account ($700). He does have a small ($2,000) life insurance policy. He didn't own any real estate or other substantial property (just clothes and similar stuff). He had no will. I believe the 401K has my mother (still living) as a beneficiary (should be able to verify in the next day or so).
We'd rather not hire an attorney if we don't have to considering the estate is pretty small and we'd prefer to save the money if possible. I've done a little online research but have a couple questions:
1. Assuming the 401K and life insurance policy has my mother as a beneficiary, will these need to go through probate?
2. If the answer to #1 is no, and assuming he had no outstanding debts, do we need to do anything at all.
3. Can my mother transfer the $700 from his checking account into hers now or should this wait until probate has concluded (assuming probate is necessary)?
Thanks in advance!
-Thomas