Father's Estate

[AmyWilliams]

What is the name of your state (only U.S. law)? Illinois
My father recently passed away and granted me guardianship of my disabled brother who is 45. He always told me that I would get a lot of money when he died but now my stepmother(retired attorney) says all their accounts and CDs are in both names and that I will inherit when she dies. The Will states My brother and I will each get 1/4 of his estate upon his death. I hate money stuff but this does not seem right-that we wait tip she dies. Can you advise me?

 

[Zigner]

If the accounts were in both of their names then she is likely correct. It's her money.

 

[Silverplum]

What is the name of your state (only U.S. law)? Illinois
My father recently passed away and granted me guardianship of my disabled brother who is 45. He always told me that I would get a lot of money when he died but now my stepmother(retired attorney) says all their accounts and CDs are in both names and that I will inherit when she dies. The Will states My brother and I will each get 1/4 of his estate upon his death. I hate money stuff but this does not seem right-that we wait tip she dies. Can you advise me?

*Deleted for incorrectness.

 

[Zigner]

Easy to read version: http://www.nolo.com/legal-encyclopedia/intestate-succession-illinois.html

Psssttt - OP says there is a will.

 

[Silverplum]

Psssttt - OP says there is a will.

I missed it!

Thank you, Zig.

 

[single317dad]

"1/4 of the estate" is vague and probably won't do you any good in this case. I'm a little surprised that a competent attorney drafted that document.

You need to find out if the accounts in question were held as "joint tenants with rights of survivorship", and also if Illinois recognizes a "right of election", which I could not quickly find the answer to. You'll likely need an attorney to make any headway at all on this.

Here's the kicker: if the stepmom has heirs (children) of her own, you may not get anything at all when she dies. You should take care of this now.

 

[Ohiogal]

What is the name of your state (only U.S. law)? Illinois
My father recently passed away and granted me guardianship of my disabled brother who is 45. He always told me that I would get a lot of money when he died but now my stepmother(retired attorney) says all their accounts and CDs are in both names and that I will inherit when she dies. The Will states My brother and I will each get 1/4 of his estate upon his death. I hate money stuff but this does not seem right-that we wait tip she dies. Can you advise me?

a) Your father couldn't have granted you guardianship. Only a court could to that.
b) You are not guaranteed to inherit anything when your stepmother has a will. Especially if she has other children and doesn't leave a will. Or if she leaves a will and leaves you nothing.
c) The accounts and cds may not be part of your father's estate. They may pass outside the estate.
d) Has the will gone through probate?