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Assets of descendants estate

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agreen58

Junior Member
What is the name of your state (only U.S. law)? Connecticut
I am named as one of the beneficiaries of an estate and the consevator (who is also the executor) is named as the other beneficiary. At what point am I supposed to know what the assets are if I am to receive half of the estate. To date, I have no knowledge as to any financial information.What is the name of your state (only U.S. law)?
 


BlondiePB

Senior Member
What is the name of your state (only U.S. law)? Connecticut
I am named as one of the beneficiaries of an estate and the consevator (who is also the executor) is named as the other beneficiary. At what point am I supposed to know what the assets are if I am to receive half of the estate. To date, I have no knowledge as to any financial information.What is the name of your state (only U.S. law)?
Is the ward/testator alive?
 

agreen58

Junior Member
Assets of deceased estate

I am sorry. I think I worded that incorrectly. Yes, the ward is deceased. I and the executor are both beneficiaries. I know nothing about what is going on. I do not have an accounting, nothing. What are my rights?
 

justalayman

Senior Member
so, head on down to the probate court and get a copy of the file.

If no probate case has been opened, the other person is not the executor. So, open a probate and file to be executor.
 

BlondiePB

Senior Member
I am sorry. I think I worded that incorrectly. Yes, the ward is deceased. I and the executor are both beneficiaries. I know nothing about what is going on. I do not have an accounting, nothing. What are my rights?
Thank you. How long ago did the ward die?
 

justalayman

Senior Member
Guardianship final accounting.
how would that prevent opening probate? I realize it must be done but I do not see why it would delay initiation of probate proceedings including appointment of an executor. In fact, it would seem to me that an appointment of an executor would be more important if the final accounting had not been done. Would the executor not be the entity to seek the courts requirement that the accounting be done so the estate can be probated?
 

BlondiePB

Senior Member
how would that prevent opening probate? I realize it must be done but I do not see why it would delay initiation of probate proceedings including appointment of an executor.
First of all, we don't know how long ago the ward died. The PR/executor is the conservator/guardian of the estate.

In fact, it would seem to me that an appointment of an executor would be more important if the final accounting had not been done.
Typically, when a ward dies, the conservator/guardian makes sure all final bills are paid. This depends on one's state, though. Guardians/conservators also have a certain amount of time to send in the final accounting that is dependent on whether they take care of all final bills. Then, the accounting report has to be audited and approved by the court. With all the cut backs of employees, one does not know how long the audit will take.

The longest I had to wait for the auditing and approval was 2 months. And that report took at least 2 months just to get all the final bills paid. I had to even figure out the final bill for the ALF myself. :rolleyes::rolleyes:
Would the executor not be the entity to seek the courts requirement that the accounting be done so the estate can be probated
As previously stated, the executor is the conservator. In other cases, the executor is not the entity because conservators have a time limit imposed on them by the court. If reports are not submitted by the deadline, conservators/guardians hear from the court.

Funds from guardianship/conservator accounts are not to be moved anywhere, including an estate account until the final accounting is audited, approved, and the guardian/conservator is discharged via court order.

And then, one has to also look at any POD/TOD stuff. If there were designated beneficiaries on stuff prior to the guardianship/conservatorship, did that get re-established via the court's blessing too do so.

Lots and lots of details.
 

agreen58

Junior Member
Assets of deceased estate

Thank you all thus far for your replies. I think I am beginning to understand. The will has already been admitted to probate. Now, it is in the executors hands to administer the estate. My question is, still, if I am to receive half of the estate (after final accounting for bills, etc.), am I not suppose to know what the estate's value is? They could be telling me anything i.e. the estate is worth $5,000, when in all actuality it might be worth $500,000. That is my issue. No one is telling me anything. Is the value of the estate filed with probate?
 

BlondiePB

Senior Member
Thank you all thus far for your replies. I think I am beginning to understand. The will has already been admitted to probate. Now, it is in the executors hands to administer the estate. My question is, still, if I am to receive half of the estate (after final accounting for bills, etc.), am I not suppose to know what the estate's value is? They could be telling me anything i.e. the estate is worth $5,000, when in all actuality it might be worth $500,000. That is my issue. No one is telling me anything. Is the value of the estate filed with probate?
Sorry, no one has to tell you anything except notification that you are a beneficiary.

Probate can be opened prior to the conservatorship case being closed. Any assests cannot be transferred to an estate account until the final conservatorship accounting is submitted, audited, and approved by the court. When the conservator is discharged by the court, a court order is issued to release any and all remaining assests to the executor.

The value of the estate is the value of the ending balance of the conservator's audited and approved final accounting - unless there are any securities not redeemed as that value can change from the day of the submitted final accounting report and the executor deals with this with the estate accounting report.

Go down to the courthouse and look at both the conservator and the estate files. They are public records.
 

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