Henderson, NV asked in Estate Planning, Tax Law and Probate for Nevada

Q: My father died. his bank account which on all of them only assets. I’m only child. Mother dead. what to do?

He has 96k in a VA FIUCIARY account which in the fiduciary. He has 99k in an account which I am on, and 37k in a savings which I’m on. No spouse or other kids. I live in Henderson Nevada

2 Lawyer Answers
James L. Arrasmith
James L. Arrasmith pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Estate Planning Lawyer
  • Sacramento, CA

A: I'm sorry to hear about your father's passing. Dealing with financial matters after a loss can be challenging, but there are clear steps to follow in this situation. Since you are the only child and your mother has also passed away, you are likely the primary heir to your father's estate.

For the accounts where you are already listed, such as the one with $99k and the savings account with $37k, accessing these funds should be relatively straightforward. As a co-owner or designated beneficiary, you typically have the right to these funds without going through probate.

The VA Fiduciary account with $96k, however, may require more steps to access. Since this account was under a fiduciary arrangement, it's important to contact the VA and the fiduciary to understand the process for releasing these funds. They will guide you through the necessary procedures, which might involve providing documentation of your father's passing and your relationship to him.

It's also advisable to consult with an attorney who specializes in estate planning or probate law. They can help you navigate the legal aspects of settling your father's estate, including any potential tax implications and ensuring all legal requirements are met.

Remember, each state has its own laws regarding estate and probate matters. Consulting with a local attorney in Nevada will ensure you're following the correct procedures and fulfilling all legal obligations.

Jonathan Craig Reed
Jonathan Craig Reed
  • Probate Lawyer
  • Las Vegas, NV
  • Licensed in Nevada

A: You don't say what state your father was a resident of. The state he was a resident of when he died determines which state law controls the distribution of his assets that are NOT real estate. The details of probate law vary from state to state. If I understand your questions correctly, there is $37K which does not have a beneficiary or a joint owner. If he died a Nevada resident, you would hire a lawyer to file a Petition to Set Aside Estate Without Administration. In some other states you might be able to obtain that account by doing an Affidavit which you could probably do without hiring a lawyer.

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