Property Transfer After Death

Summary

In Illinois, assets designated as Transfer on Death (TOD) or Payable on Death (POD) bypass the will and go directly to the named beneficiary. These assets are not considered part of the deceaseds estate for division under the will. However, such designations can be contested in court by other heirs. Consulting a lawyer is advisable for specific legal advice and to understand the potential outcomes based on the deceaseds will and the claims of potential heirs.

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If someone has added your name to their bank account and put the deed of their house in your name as a deed upon death. Is it rightfully yours? Or if the will says split things it needs split? Even though they already put it in the ONE persons name before death.
Hello ****, could you please share your location as laws can vary based on jurisdictions?
Iowa
In Iowa, if the house deed was transferred as a "transfer-on-death" deed, it becomes the property of the named person upon the owner's death, regardless of what the will states. However:
- It does not protect the property from the deceased's debts.
- It can be contested by other heirs.
This would take place in Illinois
Thank you for the clarification, ****. In Illinois, if a house deed was transferred as a "Transfer-on-Death Instrument" (TODI), it becomes the property of the named person upon the owner's death, regardless of the will. However, this can be contested in court.
What about a bank account
In Illinois, if a bank account is titled as "Payable on Death" (POD) or "Transfer on Death" (TOD) to a person, it will go directly to that person upon the owner's death, regardless of the will. But it can be contested in court.
Contested by others in the will who “assets are split */* with?
In Illinois, if the will states assets are split */*, and someone contests the POD/TOD, the court may decide. However, typically POD/TOD designations bypass the will. It's best to consult with a lawyer for specific advice.
Because technically they are no longer the assets of the deceased upon death so they wouldn’t be considered splittable assets at that point? Correct?
Correct, ****. In Illinois, assets designated as TOD/POD typically pass directly to the named beneficiary and are not considered part of the deceased's estate subject to division under the will. However, a legal consultation is advised for complex situations.
Thank you for your help. We plan to hire a lawyer just wanted to get some clarification on what grounds we had to stand on.
You're welcome, ****. You're on the right track in seeking legal counsel. This is a complex situation and the specifics of the deceased's will, the POD/TOD designations, and the potential heirs' claims can all impact the outcome. Best of luck.