Retirement money

[cowgirl2]

What is the name of your state (only U.S. law)? California

My father recently passed away. My brother and sisters and I have been trying to get his retirement money paid out to us. They had us send in several forms and now they are telling us that we now need either a letter of administration or a letter of testimintary due to the amount being over $100,000.

I know we have to contact a probate attorney for this but I am unsure if I am getting the right information from them. Some attorneys are telling me I will not have to go through the whole probate process due to it being "retirement money". Others say the only way to obtain the letters is to go through the whole process which will take at least 6 months.

My question is is there any way to obtain these letters without having to go through the whole probate process?

Does this give his debt collectors first chance at this money?

What can I expect from here on out?

Thanks for all your help

 

[Kiawah]

Who are the beneficiaries listed on the retirement contract/fund? If it was set up with beneficiaries, the money would go to those beneficiaries. If not, then the money would go into the estate, to be distributed via probate and the instructions in the will after liabilities are paid.

 

[Dandy Don]

Since they would not have needed letters testamentary if you had been named beneficiaries, this means that perhaps no beneficiaries had been named and therefore the money needs to go into his estate. So you need to be hiring a probate attorney who can tell you the specific citation of law that explains EXACTLY what the fee rate for executor is so that you won't hire someone who will charge you an exorbitantly high hourly rate.

DANDY DON IN OKLAHOMA ([email protected])

 

[anteater]

If I remember correctly, in your prior thread, you never did clear up if there are named beneficiaries. But I have to assume that the LA County Employees Retirement Association deals with enough situations that they know what they are talking about.

About the $100,000 thing... California allows for the disposition of small estates without administration by use of an affidavit. An estate value of $100,000 is the maximum where the affidavit can be used.

That it is "retirement money" is not the deciding factor in whether the deceased creditors need to be paid from the funds. It's whether the funds go to the plan's named beneficiaries or become part of the deceased's estate. Even if the amount were less than $100K, allowing use of the affidavit, the creditors would need to be paid:

13109. A person to whom payment, delivery, or transfer of the
decedent's property is made under this chapter is personally liable,
to the extent provided in Section 13112, for the unsecured debts of
the decedent. Any such debt may be enforced against the person in
the same manner as it could have been enforced against the decedent
if the decedent had not died. In any action based upon the debt, the
person may assert any defenses, cross-complaints, or setoffs that
would have been available to the decedent if the decedent had not
died. Nothing in this section permits enforcement of a claim that is
barred under Part 4 (commencing with Section 9000) of Division 7.
Section 366.2 of the Code of Civil Procedure applies in an action
under this section.