New York | Elder Law
Legal Question
Upon my father's death earlier this month, all assets went to my mother. Therey are 3 surviving adult children. They spread their assets around to 3 to 5 different institutions, most in CD, IRA annunities. When Mom dies we sould lilke to avoid probate. To avoid probate is it better to have Mom's beneficiary be the same child or have each child on a different account. If one of the children is the beneficiary and that child predeceases Mom should the other 2 children be listed as contingent beneficiaries? Dad would not want $ going to the son-in-law of the deceased sibling. Most likely Mom will end up in a skilled nursing facility and the money will be spent there. Also what is the difference between beneficiary and right of survivorship?
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Read More Answered By: Rick Bryan |
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