If someone passes away and myself and their daughter are listed as beneficiaries on his bank account even though we're not married will I have any problems getting my money?
Answer
Maybe, if the daughter gets there before you do.
Answer
It depends on a whole host of things you do not discuss here. Was this a jointly owned checking account or a payable on death (POD) account? If a POD account, how were the beneficiary designations? By that I mean did it say pay to you and daughter 50-50 or pay to person A then B?
What access does daughter have to the bank account? Does she have a debit card for example and can she withdraw funds? Has anyone advised the bank to freeze the account by reason of the decedent's death? Did the deceased have a will? Who is the executor named in the will? What debts are there of the estate? What assets? Is there any way the executor of the estate would be able to pull these funds into probate?
The answers to these questions will dictate the ease or difficulty of you getting the money. If the bank does not know of the death, I suggest that you advise them. They will want a copy of the death certificate before any monies are paid but they may be willing to freeze the account. Once the death certificate is provided if the funds cannot be reclaimed by the estate and its truly a POD account paid equally to you and the beneficiary then the bank should be willing to cut you a check for your 50%.
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