Closing out an Estate

[Golddollar]

Since title to real property sometimes goes through decedent's estates, I got to review a LOT of estates and saw a lot of grief being created. I decided I was not going to be the cause of anything like that to happen in our family. One thing I learned early was that the only person who is legally owed a portion of a decedent's estate is a surviving spouse. I realized that as a son, by will I could be cut off without a dime.

My late father materially changed his estate plans about 2 weeks before he died. My stepmother had died a few months before. One day Pop was at the lawyer's office and called me. Pop asked me if it was OK to give my brother an additional bequest right off the top before dividing the rest up. Without any hesitation I told Pop to give my brother the extra bequest. My brother had come to Pop's home to do some job searching and ended up taking care of Pop in his declining time. I knew that in the end everything was up to Pop and that would be the end of it.

 

[BLACKHAWKNJ]

One bit in The Sopranos, after Tony moves his mother into the Green Grove facility, he catches his sister Janice trying to sell the house.
One friend said he and his brother are alienated, after their father died his brother quickly swooped down on the house to grab all his computer items. That friend also told me, their father died intestate, their mother had died some years before, their father was shacked up, that led to complications.
Another friend, his mother died, father remarried, moved to Florida. They only learned of his passing when a friend of the father informed them, No. 2 couldn't be bothered . When they got there for the service No. 2 and her son had already transferred titles for everything they could. No. 2 was bitter that all the insurance policies named my friend and his siblings beneficiaries, that ended that relationship.

 

[Dave Lively]

Threads like this remind me how big a favor my parents did for my brother, sister and myself by having a clearly defined will or trust made while they were of sound mind and body. All of us being raised to be financially self sufficient helped a lot too. None of use were relying on an inheritance for our retirement or down payment on a house.

My mother's will pretty much just stated "split everything three ways" but even that helped a lot. Nobody fought about anything. I keep hearing how everyone needs a trust but just the will was good enough. It took a little longer to sell the house but nothing major. Since my father remarried after the divorce his case was more complicated so he did have a trust. It specifies the share of his estate we will get after he and my stepmother are both gone. After he died the closest thing we had to an issue was some concern that my stepmother might give too much financial support to a certain stepbrother after he gets out of prison.

My only minor gripe in both cases was I would have liked to have my father's 22 rifle which was the first gun I ever shot some 60 years ago and the only gun he owned. Unfortunately, my father took the bolt out and it disappeared. Either my stepmother did not know what it was and threw it out when she went on a big cleaning spree after my father went to assisted living or my father misplaced it decades ago. I could have had the rest of the rifle but without the original bolt its just not the same gun.

 

[BLACKHAWKNJ]

The professor who taught the course in Property law I took for my MBA emphasized that there are only 3 mandatory legal stipulations for wills, estates, inheritances.
1. A surviving spouse has dower rights usually 1/3 to 1/2 depending on the jurisdiction.
2. You cannot disinherit minor children.
3. You cannot cheat the taxman.
Learn about the law beforehand, get sound legal advice, realize what you can and cannot do, recogne that the law is meant to regulate and protect. One family, their mother died at 49, Dear Old Dad was lonely, met a nice ducky 15-20 years younger. No. 1 Son got him to sign the house over to him, Dear Old Dad got a life estate, he and his sweetie had their fun, when he left this life....
The wealthy -and not so wealthy-families I am acquainted with know all the tricks to keeping it "in the family".

 

[Ματθιας]

Now, there's an interesting twist to the story. My cousin from TX, who is 25 years older than me, I don't know her at all, called me out of the blue. She was one of the one's who was handling the estate before I got involved. She was accused of steeling by my aunt.

My cousin was on a fishing expedition. She was fishing to see if I thought my aunt was incompetent. I told her that I since I don't live in TX and only talk to her every week or so, and even if I did see her everyday, I was in no way qualified to make such a determination.

Truthfully, I have noticed the paranoia, and forgetfulness over that last couple of years, but it didn't start getting bad until recently. Even so, I'm still not qualified...

I flat out told her that I was just closing out the estate, and whatever she does is on her and to leave me out of that drama.

I think we all know where this is going, right!