Q: If there is a will from my Mom, to 3 kids, to div equally, does this include hidden asset under one siblings name?
What my Mom has left under her known account is barely enough to pay for her funeral. But the hidden account is where the bulk of her money is under one siblings name. Since the will is the only legal document, would this hidden asset also be included under the will? What can we do to secure it, and make sure it is included?
A:
A hidden asset that you just discovered and an asset held under someone else's name are two completely different things. The money in the account under your sibling's name will likely remain his or her's, and will not be subject to probate or the will.
To return this money to the estate, you'd likely need to petition the probate court to determine some sort of fraudulent transfer (e.g. Mom was duped into putting this money away) or a clear indication of Mom's intent for the sibling not to keep the money. Both of which are tall orders.
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