I am a California resident. My mother recently passed away. As part of her estate planning, she had named one or more of her 3 children as either co-owner or beneficiary on all of her bank accounts (retirement, 401, savings etc.). As such, since her passing, all the monies have been transferred to the appropriate heirs.
However, an attorney advising us on probate proceedings on a piece of real estate my mother owned, insists on seeing banking records on all accounts, and says that anything that was not legally co-owned will have to be part of the probate proceedings, including that which was passed on by a designation of beneficiary.
Is this right? I thought the designation of a beneficiary was exactly the method used to avoid probate. Perhaps I'm misunderstanding something.
Thanks in advance for any advice.
However, an attorney advising us on probate proceedings on a piece of real estate my mother owned, insists on seeing banking records on all accounts, and says that anything that was not legally co-owned will have to be part of the probate proceedings, including that which was passed on by a designation of beneficiary.
Is this right? I thought the designation of a beneficiary was exactly the method used to avoid probate. Perhaps I'm misunderstanding something.
Thanks in advance for any advice.