Did Not Probate Will
9 years ago
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- 9 years ago
- 9 years agolast modified: 9 years ago
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Another Trust question
Comments (15)I don't know where you live. Each state is different, but I practice in California. I am an attorney, this is my area. I agree that too many people have trusts but often they get them through their "financial advisers" or because they went to some seminar that really just wants to sell them annuities. There is no general rule about when to get a trust; if you both were married before or have big estates its certainly a good idea. Then you would also have a pour over will which can give non-trust assets to the trust if their total is less than $100,000. That doesn't go through probate. Insurance with a beneficiary doesn't go through probate. Joint tenancy doesn't go through probate. Pay on death bank accounts don't go through probate. If you aren't married there is a lot to be said for doing at least a will. If you are living with somebody and not married I recommend you make sure they do a will. Often somebody comes into my office because the person they have been living with for 25 years has died without a will; the house was in his name but they have both been making payments. Its always a sad surprise for these people to hear there is no common law marriage in California. Sushipup evidently did a good job as trustee of the trust. she did what she was supposed to do--pay bills and distribute the money. Do you have any idea how many trustees have to be dragged into court years later because they have not distributed the money or the property? I have seen people who prepared their own trusts, appoint as a trustee, their son who was just out of rehab. One of the problems with trusts is that there is no supervision--nobody to answer to, and there is embezzlement. In probate court the judge can order an accounting, can order that money for a child be put into a special account etc. So I don't recommend a trust if you have nobody who is honest and trustworthy enough to distribute the money fairly....See MoreHow to probate an estate?
Comments (17)Well it's been a while, but I thought I'd give an update if anyone's interested... This afternoon my brother and I go to the lawyer to sign the petition for judgement of possession, the descriptive list, and the waiver of the final accounting. I went over to my brother's last night and showed him exactly everything I've paid for over the last few weeks (final funeral expenses, my grandma's last household and credit card bills, etc.) I gave him a detailed spreadsheet that listed every penny, and showed the balances in all accounts after expenses are paid and what his share should be based on the percentages stipulated in the will. He was OK with everything, but I wanted to be sure he knew that everything has been above board and on the level. I also wanted him to see exactly what his share would be so he wouldn't be surprised at the lawyer's office by anything. So.....after we sign everything today, the lawyer should immediately file all documents with the court and all we have to wait for is the judge to sign off. Everything has been done by the book and there are only a few accounts and my grandmother had all of her records very organized. Everything should be pretty straightforward and easy for the judge to follow, so there shouldn't be any problems. The lawyer told me the judge usually signs off in about a week, so hopefully by the end of next week at the latest, this will all be finished. I am just very glad there have been relatively few problems and arguments. Although my brother was angry at first since my grandmother left a larger share to me, he's calmed downed and I guess he's realized she left him and his daughter sizable gifts. He isn't going to want to delay the process so that he can get ownership of his share. And he can't blame me, since it was my grandmother's decision of what she wanted to leave to whom--not mine. This has been a lot of work! None of it was really difficult, but I found that keeping separate folders (1 for info on all the assets, such as bank statements, car title, investment account statement, deed to house; and 1 for all bills paid after death) have really helped me to keep things in order. I have a little tote bag that I keep all of the documents in, including death certs, official administration letters, copy of the will, etc., that I bring with me to work every day. That has been a huge help as if I've had to talk with someone on the phone or go meet with someone, I've had all the info right at my fingertips. This has mostly been about keeping good records and getting tons of things signed and mailed to various people. I can't imagine how much work it is for big complex estates or when the deceased didn't keep good records! Keeping fingers crossed everything is smooth sailing!...See MoreD(Dumb) brother did something right and actually honorable
Comments (5)Your a better person than me. I wouldn't be thinking what he did as honorable at all. He did the right thing admitting he did a terrible thing. Owning up to it in the long run and being a better person is a whole nother matter. I've seen it, been there, put it all out of my life many years ago. I sure hope your sisinlaw can put all the terrible thoughts he put in her head somewhere else and look forward to a future that is sane and happy. He will be honorable in my mind when he acts appropriately for good. He needs to help himself with his mental problems before he can interact with her in a normal way. I guess it's a start, but only the tip of the iceburg, so its understandable why she is keeping her distance from you too. After all you are a direct connection to the person she needs to be away from. The less you know, the less he knows, might be her way of thinking. It's good your her ali but don't feel to bad if she doesn't embrace your friendship....See MoreLegal question
Comments (12)Call the bank and ask. It is my understanding that if the account reads: person 1 AND person 2, it requires both signatures to write a check and to drain the account. But, if the accounts reads: person 1 OR person 2, then either person may drain the account. However, since one of the owners of the account has died, there may be overriding controls in your state. For example, the one who died may have willed some of the funds to another party. Ask an officer of the bank. Do not depend on a teller. Ask the teller to direct you to an officer of the bank. If the answer you get seem unreasonable, then you will need to consult an attourney....See More- 9 years ago
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