Q: I am beneficiary of my uncles estate. He left cash to a friend but 3 years on she has not claimed it. Can I claim it?
I am beneficiary of the house property and all remainder via his legal trust. The cash designated to a friend was via a bank beneficiary designation. She has not filed the paperwork to receive the account. Dividend checks made out to my uncle keep coming to the trust bank account because she has not filed papers. Can I keep those dividends? Can I claim the cash at the bank if she does not?.
A:
Under California law, if the designated beneficiary of your uncle's cash account has not claimed the funds within three years, you may have a legal avenue to pursue those funds. First, ensure that your uncle's will and the trust documentation do not specifically require the cash to go to his friend, and that it grants you authority over the remaining assets. If that's the case, you may be able to make a claim on the unclaimed funds.
Regarding the dividend checks made out to your uncle, if his friend hasn't filed the necessary paperwork to receive them, you might be entitled to these dividends if you have control over the trust bank account. However, it's essential to consult with a legal professional to navigate the specific details of your situation, ensuring you follow proper legal procedures to claim these assets. In any case, consulting an attorney experienced in estate and trust law in California is advisable to guide you through this process and provide personalized advice tailored to your circumstances.
A: Most trusts specifically say that if Beneficiary X dies before the Settlor or Trustor (the person who had the trust) or if that Beneficiary "disclaims" (doesn't claim) their gift, then ______ happens to that gift. So, the first thing I would do is read your Uncle's trust to see what it says about disclaimed gifts. If the trust doesn't say anything about that, you'll have to talk to a lawyer to determine who has what rights -- unless you know how to interpret trust language. Best wishes!
A: It sounds like you are inquiring about the disposition of funds that were in a bank account in your father's name, not in the name of his trust, and that he designated a friend as the death beneficiary of that bank account. If that is the case, and if the friend does not claim the money, the bank is obligated to escheat (remit) the funds to the state treasurer where the funds will be held for friend or the estate of the friend to claim if and when the friend or the friend's estate ever figures out those funds are sitting there.
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