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Dear Quentin
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My father (75 years old) passed away without a will. At the time, he was divorced from his fifth wife and had a fiance. He left behind three children. I am his oldest son who is 57 years old from his first marriage, and my son and daughter are 29 and 32 years old from his fifth marriage. He was quite wealthy, part owner of a business, and at least a “minor” millionaire.
However, his fiancée only gave us part of his estate and the three cars he owned at the time of his death. She did not give us any of his legal and financial documents. Although it is true that he did not have a will, he likely had life insurance policies, a 401(k) plan, and other investments. His fiancée swears that she is the beneficiary of his life insurance policy, but she has not provided any proof.
We had his mail forwarded to my brother to find out who his lawyer and insurance company were, or any documents regarding his personal business.
I have a few questions:
1. How can I find out if he had life insurance or a will without paper evidence?
2. How can I look up his checking and savings accounts and 401(k) without documentation?
3. We believe that because he died intestate, his assets must go through probate court. However, my half-brother took control of the situation, including having him cremated and sent for burial. He gets along very well with his sister, but I’m 25 years older and we’ve never been close since our first marriage, so they ‘teamed up’ with their mother (his recent ex-wife). I feel like he had things from his estate and didn’t let me know what was going on.
My other questions:
4. How does his estate get to the point where it goes into probate? And how is a third party appointed to oversee it? Can his brother legally take over? Or? I want his property to be split equally between the three of us, but my half-brother won’t even communicate with me, and my half-sister tells me that “he’s handling it.” I don’t know how to make it happen because I keep saying it. ”
5. Also, if he and my sister are listed as beneficiaries on a life insurance policy or 401(k) policy and I am not listed, do I have any legal rights to either? ?
Thank you.
eldest son
See also: I want to accuse my former employer of “shady conduct” and I signed a non-disclosure agreement. Can I break the NDA?
Dear Elder,
Your late father’s fiance has lost the most. That’s why she may be using this time to block information. All of his possessions, from his watch to his car to his home, must be submitted to probate when an administrator is appointed by the Surrogate’s Court or County Court. You should be able to apply to be the administrator of your father’s estate. It’s a lot of work, and that includes filing your taxes.
So let me answer the last two questions (No. 4 and No. 5) first. No, you have no legal right to your father’s life insurance policy or 401(k) plan, assuming it actually exists and your brother (or anyone else) is listed as a beneficiary. . If no beneficiary is listed, these accounts will become part of your father’s entire estate and all bank accounts, home, pensions, and other assets will be subject to probate.
Your father’s bank account, broker, and attorney should be able to begin the fact-finding process. It’s a good lesson for everyone to organize their documents and keep copies in a safe deposit box or with a trusted attorney. Assuming your father died intestate without a will, his fiancée is not a legal heir, so she is either a co-owner of his bank account or a beneficiary of his other accounts. Unless you are listed as a person, you will most likely leave with nothing.
But if the beneficiary on your father’s list changes within the 11th hour, that could raise a red flag. Generally, one must be of sound mind and not under duress, bondage, fraud, or undue influence or influence to sign a will, power of attorney, or other legal or financial document. not. A person must know what they are signing and have testamentary capacity. That means you need to know what you’re signing, why you’re signing it, and how much money is at stake.
Once someone is appointed by the court to represent the estate, they can identify insurance payments through transactions in that person’s bank accounts and apply for a change of address for all of the father’s mail, said Dr. Mr. Hubert Klein says: Eisner amper. Regarding your half-brother and sister, Klein says:he [or she] Will you appoint an executor or administrator? you need to ask. ”
State law governs the probate process. “In many states, information about how the process works, including who can file documents, who can be appointed as the estate administrator, and who can carry out transactions on behalf of the estate, is available online. “You can,” he says. “While hidden or undisclosed assets and accounts may be discovered, ensuring that all assets of an estate are properly accounted for and debts documented in court requires someone to represent the estate.” is needed.”
The probate process is public and legally the same as washing dirty linens in your front yard. That would leave little room for a brother, ex-wife or fiance to muddy the waters. In addition to the administrator/executor, you will need a trust and estate attorney to help you navigate this process. No one has the right to hijack this process. The sooner the legal wheels start turning, the sooner the father’s bank launches a fact-finding investigation and the legal wheels start turning, the better.
More about Quentin Fottrell:
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My husband bought a house with inherited property. I signed her resignation letter. He said he could live there after he died, but he changed his mind. What now?
It’s the business world’s way of saying that a low-wage job is a way to get a better job.” I decided to stop tipping, except in restaurants. am i wrong?
If you have financial and ethical questions, you can email The Moneyist at qfottrell@marketwatch.com. You can also follow Quentin Fottrell on X, the platform formerly known as X. twitter. Monetarists regret that they cannot answer questions individually.
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