Legal Question in Wills and Trusts in Wisconsin

If I have a beneficiary on my savings account with payment on death, can creditors take that money before the beneficiary?

Asked on 2/21/17, 6:26 am

1 Answer from Attorneys

JAY Nixon nixon law offices

Yes, if any creditor files a proper non-wages garnishment against the account at any time before ownership is completely transferred to the beneficiary, the debt can take priority over the beneficiary. Other than that, however, account beneficiaries can usually take over the account upon proof of death of the previous owner without getting any sort of court order or probate proceeding for that particular account. If a probate order is required to transfer ownership of accounts or other assets, creditors of the estate and expenses of probate administration would have to paid first. Talk to your lawyer about the details and make sure that he or she practices in this area.

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Answered on 3/21/17, 5:56 am

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