Ask Experts Questions for FREE Help !
Ask
    LIsaneedshelp's Avatar
    LIsaneedshelp Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 30, 2011, 01:38 PM
    Transfer on Death to daughter rather than widow
    After 30 years of marriage in Michigan a widow the found majority of assets TOD to his daughter (not hers). Will this be unwound in probate or stand? No will.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Jan 31, 2011, 08:14 AM

    Accounts that are titled as payable on death (or transferable on death) pass to the named party outside of probate. In general, yes it will stand - the only caveat is if the estate owes any estate tax, in which case it may be possible to attach some of the TOD assets to help pay the tax bill. As for the remaining asets - the widow and the decendants' surviving spouse split the remaining assets in accordance with MI's law, which I believe grants the first $150K to the widow and splits the remainder (if any) in half between the widow and his child(ren).
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can a widow collect social security benefits after 20 years of husband death [ 0 Answers ]

She riside in another country right now,, around 20 years ago her husband died in Texas while he was working he was legal resident of United States of America now she is 68 and she never file anything to collect social security benefits at that time she had 2 or 3 underage sons does she has to...

Can you contest a Transfer on Death [ 2 Answers ]

My Daughters Father past away in Oregon, his wife got him to sign a transfer on Death leaving my Daughter and his blind sister nothing, can this be contested. My Daughter lives in Indiana and is on SS Disability?

Property transfer in death [ 8 Answers ]

If my mother and I are on the clear deed of a house and one of us dies does the surviving owner have to pay inheritance tax on the property? Would it simply go to the survivor with no income tax due? We live in CA

Transfer on Death Deed. [ 7 Answers ]

Where can I get a Wisconsin Transfer on Death Deed? Thanks, Larry

Transfer on death deed [ 8 Answers ]

My grandmother has a house (no liens, no mortgage) that she wants to deed to me upon her death. How do we go about handling this? What paperwork do we have to fill out?

View more questions Search