If someone dies without either a will or any designated Beneficiaries on their Financial Accounts who determines who is the beneficiary and is this a costly process that is going to eat up the proceeds?
The specific facts in my case are these
My wife died two weeks ago at age 73
She had $80,000 in an IRA account ( A Hy Yield Bond Fund ) but she did not designate a beneficiary, nor did she have will.
We had been married for 51 years when she died and had had only one child who died 6 years ago. I am 74 years old myself and her only other living close relative is a 61 year old sister.
What is going happen to the $ 80,000 in this account?
Is the Brokerage firm going to keep it or is the State going to give it to some Probate Lawyer?
In addition she also has $ 50,000 in a regular mutual fund with the same company and again did not designate a beneficiary
Same question.
Do I inherit these accounts automatically as the Surviving Spouse or just what is going to happen
I am getting nothing but a run around from the company that holds these accounts and I need some help on what I should do about this whole thing.
Any advice anyone can offer will be greatly appreciated.
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