My son is 100% beneficiary for an account he was left...myself and my sister Are co-executors of the will (50-50) my sister is trying to get part of the account that my son is 100% beneficiary even though it’s in the will that her and I are co-executors does she have legal rights to the account... Read more »
Assuming the will has been admitted to probate, its provisions about the disposition of assets is controlling. If the will has not yet been submitted to the probate court, you should do so without further delay.
Where there are co-executors, one cannot take action without the agreement of... Read more »
We are told there can only be 2 executors. The 4 of us want to co-execute his assets so that they are handled properly and fairly. Please advise.
… hello …
… that’s a tall order - all of you would have to agree - and nothing would be done if one did not …
… the institutions you will be dealing with also don’t want to deal with 4 people - it’s much to difficult …
… I would suggest that all if your... Read more »
All parties are residents of Pennsylvania. Joint OR on all deceaseds accounts. Only one other party in will, can I just calculate the inheritance tax on the joint accounts with a cpa and pay the sum to the only other member mentioned in the will. Or am I required to have an attorney carry this out... Read more »
… there is no requirement that you need an attorney for this in PA …
… however - you mentioned a Will as well as being on all of the decedent’s accounts or joint …
… that doesn’t seem to make sense … whether a CPA can interpret that is up to you …
John
* Am I entitled. The executor, also a beneficiary, has asked that I not contact them.
… hello …
… usually - no … that’s why there is an Executor … if you decide to force an Accounting, then most likely …
Good luck …
Let me know if you have any other questions …
John
Father passed away with no will. His name, wife’s name, and daughter 1’s name all on house daughter 1 lives in. Do daughters 2&3 have any claim to the house or does daughter 1 need to buy out other two daughters?
… hello …
… (depending upon the wording of the deed) daughters’ 2 and 3 have no claim to the house …
… daughter 1 does not have to buy daughters’ 2 and 3 out either …
John
I have been trying to buy a house in pa. After many nightmares closing isnt until dec 28 now! The executor said it has to be done this week or she has to pay $30,000 in estate tax!!! How can that be? It is just wrong! I have thousands of dollars in this house! All our stuff is there!!!! We... Read more »
... hello - that does not seem correct at all ... did she tell you why? ...
John
My brother passed two years ago in January. My bipolar, control freak sister says she is the executior. Nothing has been done, she says she has a lawyer but won't tell me who. No documents have been filed in public records. A company contacted me stating that I am a beneficiary of the estate.... Read more »
Your father's estate, if your sister probated the Will, is a matter of public record in the Register of Wills for the county in which your father lived at the time of his death. if your sister probated the Will a copy will be in the Register of Wills office along with an Petition for Probate... Read more »
My husband passed away while our mortgage was on a COVID relief plan and company is giving me a hard time to get off.
He was the only one listed on the mortgage. We are both on the deed and I have been trying to get off the plan for 3 months to resume regular payments. Now the mortgage... Read more »
For title purposes, there appears to be no need for you to put the property through a probate proceeding, if that is the sole or most significant asset in your husband's estate.
Mortgage interest rates are near historic lows. Your best path appears to be to refinance the mortgage debt... Read more »
separated for 40 years. My brother sold my father's 2 properties. he spent the first 100,000 and closed the acct and then sold another property for 180,000 and opened another account. He and my mother will not give me my share of the estate. What can I do?
… you would need to pursue court assistance …
… 7 years ago is a long time, however …
John
If your mother passes without a will, her boyfriend is not someone identified in the intestate statutes who will inherit anything. Everything would pass to you and any other surviving children your mother may have. However, you may want to make sure your mother’s boyfriend has not exercised any... Read more »
With his children
Yes, you can make those arrangements by specific provisions in your will. One way is to give what is called a life estate in the property, which gives your boyfriend control of the property until his death, or until he no longer wants it.
There are other ways, using testamentary trusts,... Read more »
I want to sell at this time. Will I have issues? There was no will. Just our papers from settlement
So sorry for your loss.
If you held the property as joint tenants with right of survivorship (that wording should be on the deed itself), then when he passed, you became the sole owner by operation of law. For record purposes, you should record the Certificate of Title, connecting to the... Read more »
… yes …
… John …
All requested paperwork/forms has been forwarded to PLI. Folks buy sell stock everyday. Why would it take this long? Any info on this type situation / stock sale would be helpful. Thank you.
If your mother held shares of stock in her name, and held the original stock certificates, you don't need to look to Prudential to sell that stock. Any stockbroker could do the sale for you, or at least, for the court-approved personal representative of the estate.
If, on the other... Read more »
Prior to their deaths, my youngest sister (among 5) took over handling all of their finances, at the request of my Mother, and became their power of attorney ("POA"), which I'm not sure was ever made official.
Following my Mother's most recent death, my sister ~ the... Read more »
It sounds like a probate was opened by your sister. Probate is a kind of court case and the records are public. You can go to the courthouse nearest where your mother died and ask to look at the file. You will probably find answers in the file. If you do not understand what you are seeing, you... Read more »
They have offered to pay for my college which I'm really thankful for, but reading through the document it seems like I'm essentially hand them full control over everything I own and will ever own. They say it's only to be used in case I get incapacitate but I don't see where it... Read more »
… because of the nature of today’s world, coupled with the Privacy Rules, your parents would not be able to help you at all without a Power of Attorney being signed …
… yes - it is a very powerful document - but they are your parents …
… I think you know what to do …
John
Do I have to probate the will, and how do I transfer the deed to myself? Thank You, Anne Marie Ball
You need to contact a lawyer to help you. In short, the Will needs to be probated and an estate opened. You, as Executrix, would then execute a deed, unless the property is already in the Trust. As indicated, you need to meet with a lawyer to review everything.
My mother passed away last year, and we didn’t have any issues with inheritance, except for a 1099 showing dividends from an employee stock plan. The account is very small, so it would be more expensive to probate it then it’s actually worth. We’d like to simply ignore it, but we know we’ll... Read more »
No but before you decide not to did you look under unclaimed money on the Treasurer's website? Look under both her married and maiden names.
https://www.patreasury.gov/unclaimed-property/
Also if she had a car you want to pass title to, a house you would need to open a simple... Read more »
Is an inherited IRA protected from a divorce? If distributions from an inherited IRA are made into an account solely in the name of the IRA recipient, are those distributions protected from divorce? Can those distributions be made directly to the recipient's living trust that has a co-trustee... Read more »
Drafted correctly, a trust or trusts as beneficiary(ies) would not have any different tax consequences than naming individual beneficiaries. Look for an attorney in your area that understands how to draft a "see-through" retirement plan trust.
Since I have no family and on a limited income; I want to make my best friend my beneficiary & once everything is liquidated; she will delegate certain amounts to charities & people that I want to leave a little something to. Also, can I have a backup beneficiary since we're always... Read more »
You are on the right path, and the things you are wanting to do are do-able. An experienced estate planning attorney can help you see this through. Most likely you are going to want to create a revocable trust with a will just in case. I would also recommend a general durable power of attorney... Read more »
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