ITF/Beneficiary Bank Accts. in PA

[lucyscap]

PA
If a person residing in Pennsylvania has no will--but has bank accounts set up in Pennsylvania that are ITF (In Trust For) with listed beneficiaries---upon death, does this have to go through probate--or does the bank just issue payment to listed beneficiaries? Also, how is the sum divided amongst those beneficiaries---equally??

 

[BlondiePB]

PA
If a person residing in Pennsylvania has no will--but has bank accounts set up in Pennsylvania that are ITF (In Trust For) with listed beneficiaries---upon death, does this have to go through probate--or does the bank just issue payment to listed beneficiaries? Also, how is the sum divided amongst those beneficiaries---equally??

ITF accounts do not go through probate. The beneficiaries need to go to the bank with an ID and original death certificate. The bank will issue checks to the beneficiaries.