My father just passed away a week ago. He named his fiancee the beneficiary of his life insurance and 401K. There's no will, so next of kin will inherit his estate. My father and his fiancee co-owned a house. Is his half part of his estate?
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Anonymous
ANSWERS: 3
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The answer depends on how the property was purchased. For example, if the property was purchased as a joint tenancy (which is most common when two people buy a home), then the surviving owner gets the whole. If the property was purchased as a tenancy-in-common then your father's half becomes part of the estate.
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Good news for the fiancee. She gets the life insurance and the 401k. The contracts control, regardless of Will or not. If he bought the house himself, it will go to his statutory heirs (check the state statute).If he bought it with her, you need to check how it was purchased: joint with right of survivotship, it's hers. Other types of ownership will dictate different results.
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I know this has nothing to do with the question, but I want to say my condolences. I am sorry to hear about your father passing away. I would like to add you as a friend. I know how it feels to lose a parent, especially if you are very close to him. I still miss my mother so very much. :( I have had dreams about her.
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