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How does property transfer after death?


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How does property transfer after death?

Question: How does property transfer after death?

Answer: There are many ways for an individual to transfer property at death. Typically, an individual may have bank accounts and other investments that might be transfer on death or owned jointly with rights of survivorship, so upon his death they transfer automatically to the person that has been designated in that survivorship designation. In addition, there may be life insurance or retirement plans that would have a beneficiary designation. So under contract, those assets would pass to those individuals who are designated as the beneficiaries. For the assets that are owned individually in the decedents name, those assets pass under probate, under the terms of the will, or if he doesn’t have a will, under the terms of the laws of intestacy, and under those provisions the assets are transferred to the appropriate parties as provided for in the will or the laws of intestacy.

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