"Bubba Smith" wrote in misc.legal.moderated:
What will happen to my money in the bank when I die with out leaving will.
It will be used to pay any debts you leave. If there's anything
left, that will be divided among your near relatives according to
the law of your state. If you have no relatives who inherit by law,
then the state gets everything (even if you have other relatives).
If you have more than a few dollars, why would you risk dying
intestate (without a will)?
One bank tells me that I have talk to my lawyer and another I have to make
letter of intent. What is the letter of intent?
I have no idea; why not ask the bank for a sample.
You should be able to put a beneficiary on any account, "payable on
death to (name)". Ask each bank for its procedure to set this up.
You may have to talk to an officer if the tellers aren't helpful.
But really that's not the best solution. A will takes into account
all your assets and divides them among your heirs according to your
wishes. You don't need to spend a lot of money having one made.
Read /Nolo's Simple Will Book/ and follow the directions (unless
you live in Louisiana). You can have a lawyer look your will over
after you write it -- this will be less expensive than having a
lawyer write it from scratch.
--
If you e-mail me from a fake address, your fingers will drop off.
I am not a lawyer; this is not legal advice. When you read anything
legal on the net, always verify it on your own, in light of your
particular circumstances. You may also need to consult a lawyer.
Stan Brown, Oak Road Systems, Tompkins County, New York, USA
http://OakRoadSystems.com
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