When someone dies, what happens to their bank account if they had no will?

Question

If a parent dies and they had A LOT of money in the bank, and they did not write a will, who gets the money?

Answer 1

It is possible that they listed a beneficiary on the bank account, in which case the account proceeds would go to that beneficiary without necessarily going through the entire probate process.

When a person dies without a will, they are referred to as "intestate."  The courts will ultimately decide who gets the money, based on who has a legal claim to it.  This process takes time, at a minimum months and sometimes years, since creditors will often appear who wish to be paid for debts of the decedent.  Sometimes a will can turn up, because people tend to hide these things - always a good idea to let someone know where yours is, because you'll be dead and can't show them.

Note:  The same thing happens to your children if you die without a will, so even if you're flat broke, don't let the courts decide who gets your kids.

Bottom line:  If you believe you are entitled to a portion of the inheritance, and the decedent did not list you as a beneficiary, then you will have to file through the probate court.  

Answer 2

If there is no will, if there is a surviving spouse they would get control of the account and the money if there is no surviving spouse then it will go to probate court and the probate lawyer will handle all the legal issues of where the money goes and who gets the money.. When my mom passed away, there was no will, we had to go thru probate court and the probate attorney took care of what outstanding bills she had from her bank account, he divided the money between the 5 of us.. All 4 of my siblings got $4grand, I got $2 grand because my mom had purchased a car for me to drive as a gift,and she died 2 weeks before christmas and was going to sign the car over to me on Christmas day.. so the lawyer signed it over to me on her behalf. I kinda got ripped on that one, because it was a gift but my sisters were so intent on getting their hands on as much of moms money as they could. So I basically bought my car from my moms estate.. when it was suppose to be a gift.. but what they dont know to this day 22 years later.. that my mom had a life insurance policy that was made out to me for $1500, if I would have mentioned that they would have gotten more then $4 grand each...

Answer 3

The money in the account and all the parent's other assets pass through the laws of intestacy which are different in every state.  Typically, most, if not all, of a married person's assets will pass to the spouse.

Answer 4

It goes into probate, and after all claims against the estate are settled, the remainder is generally split between living spouse and children.  Something like 1/3 to spouse, 2/3 to children.

Answer 5

The account in the bank is suspended.The surviving spouse and the children get the money.They need to apply for a letter of administration or request a lawyer to help them obtain this LA. Upon presentation of this document the bank will pay the money to them.

Answer 6

well if they also didn't put a name in the bank book then it goes to the government.

Answer 7

I believe the wonderful government.

Answer 8

Well, there are some factors involved, like debt and things like that, but if they had no will, I think the relatives decide who gets what.  That's why you hear all those stories about relatives fighting over properties.

Answer 9

When someone dies intestate (without a will), the probate court appoints an administrator.  S/he will pay off any outstanding debt, then will distribute any remaining funds to the heirs according to the inheritance laws of the state.  

Answer 10

They send it to me for no reason. hey it would be cool if they sent it to poor people. i probably sound retarded right now.

Answer 11

it goes to heaven with them

Answer 12

It goes to probate where the laws of the state of residence for the deceased determine where it goes. Most likely to the surviving spouse and/or the offspring of the deceased. State laws are set up to be pretty fair.  

Answer 13

that's a really good question.  maybe it gets split up between everyone in the immediate family

Answer 14

It depends where you live.  Most countries have laws to say who gets what from the estate of a person who dies without leaving a will.  In Australia it basically gets divided up between the surviving spouse if any and children.  If there aren't any, it goes to other blood relatives up to a certain point of closeness.  Failing that, the government gets it.  There are also laws in Australia which let unrelated people claim if they were dependent on the deceased person.