Q: My husband died on Jan. 3 2024, and his estate was set up with TOD's on all financial holdings except his bank account.
How can I disperse the funds without probate.
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- Tennessee
- (865) 637-3035
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- Answered
A: Not sure what you mean by TODs, but retirement plans, insurance policies, have individual designation of beneficiaries. A separate TOD would have to be either a will or maybe a trust. If under $ 50K, a Small Estate Affidavit probate might help on the bank account. Consult with an attorney and have copies of all financial documents. If you acquire funds, transfer monies to either designated beneficiary or exact next of kin.
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- Tennessee
- (931) 250-8585
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A:
If the bank account was in both names, then just present a death certificate and they will take his name off the account and leave your name on. If the bank account was in your husband's name alone and the balance is under $50,000, then you can collect it with a small estate petition. If the balance is more than $50,000, then this will require a full probate. Either way you should hire a probate attorney to assist you.
If your husband had a valid will, then the account will be distributed according to the terms of the will. If your husband did not have a will, then the account will be distributed according to the laws of intestate succession.
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