Do the deceased person?s assets automatically pass to the surviving spouse and/or children?
A. No. Even though the heirs have possession of the assets, it is probable that they do not have “marketable” title to the deceased person’s assets. Marketable title is achieved in probate. For example, institutions like banks, stockbrokers, and title companies generally require Letters Testamentary from the Executor named in a Will before those institutions will release large sums of money to beneficiaries or allow the sale of real estate. The Executor has no official power until the Court has admitted the Will to probate, and the Executor has taken an Oath. The “Executor” in a will is generally the surviving spouse, and the surviving spouse is also generally the “beneficiary”. The Executor and beneficiary can be the same person, and generally are. Children can also be an Executor and a beneficiary.
Related Questions
- If the debts of an estate are more than the assets, what happens? Does the surviving spouse have to pay the debts of the deceased spouse, or do children have to pay the debts of the deceased parent?
- If a person is ineligible for Title XVI (SSI) due to a spouses income, can that income be used as income to contribute to a PASS?
- How does an executor find out about shares and other assets that a deceased person owned?
