Can money be distrubted to heirs by a signatory on MMA accnt before probate without taxes? 6 Answers as of January 10, 2011

Does the estate need to go through probate before a signatory on a money market account ca distribute money to heirs mentioned in the will? The estate is under $675000.

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Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
The Trustee of the will has the responsibility to retain an attorney who will follow the State laws regarding probate procedures and distribution of assets.
Answer Applies to: Illinois
Replied: 1/10/2011
Givner & Kaye
Givner & Kaye | Bruce Givner
First, the probate rules vary from state to state, so I cannot answer with any certainty.

Second, I cannot be certain from your statement of the facts whether the money market account is part of the probate estate. If it is, then - again this is guesswork - it should not be distributed until there is a probate court order.

Third, if the account is a joint tenancy or similar type of account, it may not be subject to the probate, so that it can be distributed to the other name signed on the account (but not to someone named in the Will.
Answer Applies to: California
Replied: 1/10/2011
Law Office of Harry Gordon Oliver II
Law Office of Harry Gordon Oliver II | Harry Gordon Oliver II
It depends on how title to the account is held & the amount in the account. Call me.
Answer Applies to: California
Replied: 1/10/2011
Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
Once a person dies all his assets are part of his estate. The only person who can act for an estate, and by extension transfer assets, is the executor named in a will or an administrator in the case where there is no will. So if the money is in the decedent's name and is part of his estate the signatory has no legal right to transfer these assets. By the way, it is imprudent for the executor to distribute assets from an estate until all administration and funeral expenses debts and taxes are paid. Such executor could end up being personally liable in such event.
Answer Applies to: Pennsylvania
Replied: 1/8/2011
LT Pepper Law
LT Pepper Law | Luke T. Pepper
The estate must be settled before a distribution can be made.
Answer Applies to: Pennsylvania
Replied: 1/8/2011
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