What happens to my granfather's estate?

[HighMount]

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

Hi, I'm not sure if this is the right forum or not so forgive me if it isn't.

My uncle is on his death bed. He has about $20,000 in assets (stocks etc). I've never been through this before so I'm not sure what happens. In his will, he has left it to me and my brother. However, the hospital just sent us a bill for over $75,000! My question is, will I be able to cash his assets or will be hospital get a shot at it first? If so, he isn't dead yet so I was wondering if we could transfer his assets to me immediately so we can avoid that. I live in Texas but he is in oklahoma. Thanks

 

[JETX]

The hospital and any other creditors have the right to pursue their claims against his estate before any assets are disbursed.

If so, he isn't dead yet so I was wondering if we could transfer his assets to me immediately so we can avoid that.

Good chance that a creditor would pursue a 'fraudulent conveyance' and undo that transfer.

 

[HighMount]

The hospital and any other creditors have the right to pursue their claims against his estate before any assets are disbursed.


Good chance that a creditor would pursue a 'fraudulent conveyance' and undo that transfer.

Can I get some more infomation that that? How does this kind of thing usually work, I mean how would a creditor even learn that she's deceased? I've read on the internet "if the estate is probated" - what does that mean? How can it not be probated? I now nothing about this that's why I'm here asking for information. Thanks

 

[nextwife]

Uncles money FIRST goes to pay for his creditors and burial expenses.

AFTER he dies.

Look up "Social Security Death Index"- many creditors use it to check if a party is deceased. Then there are Obits, available through internet searches.

And what does your uncles estate have to do with your Grandfather's estate?

 

[HighMount]

Uncles money FIRST goes to pay for his creditors and burial expenses.

AFTER he dies.

Look up "Social Security Death Index"- many creditors use it to check if a party is deceased. Then there are Obits, available through internet searches.

But wouldn't it take a while for it to start showing up? Sounds like we need to get any funds he has taken out of his name so the creditors don't get to it first.

Sorry for the typo, it's my grandfather.

Also, I was wondering, what if we hurried up and executed the will before creditors had a chance to even know she was deceased?

 

[nextwife]

But wouldn't it take a while for it to start showing up? Sounds like we need to get any funds he has taken out of his name so the creditors don't get to it first.

Sorry for the typo, it's my grandfather.

Also, I was wondering, what if we hurried up and executed the will before creditors had a chance to even know she was deceased?

How are these funds held? In the decedant's name only?

That's a violation of fiduciary responsibility! The funds do not legally BELONG to you! The estate funds may not be distributed to estate beneficaries until sufficient notice period for creditor claims has passed AND probate filed, PR or executor appointed, etc. Sufficient funds must also be determined and held back for payment of any estate taxes..

A decedants FIRST responsibility is to pay their creditors. The moneys willed out don't go until AFTER creditors are paid. We will NOT help you cheat the estate creditors and violate appropriate responsible handling of the estate.

 

[HighMount]

Do you speak for everyone here?

I'm NOT interested in what's right or "fair" I'm interested in what's LEGAL. This is a leagl forum, not an ethical forum right?

How would my grandfather feel if he knew what little he had left was going to creditors instead of his family? That's just WRONG in my opinion.

So again, if someone is willing to answer theser questions about what is LEGAL in this case, I'd appreciate it. In my view, we should have a FREE health care system in this country anyway, so I'm NOT sweating one bit over our family getting what my grandfather left us as opposed to some wealthy insurance company and/or hospital!

And yes the funds were only in his name, but I have power of attorney. Again I'm interesting in avoid any CRIMINAL issue here, I'm not interested in your version of what you think is right/wrong. This is a legal forum, not an ethics forum.

 

[JETX]

I'm NOT interested in what's right or "fair" I'm interested in what's LEGAL. This is a leagl forum, not an ethical forum right?

Yes... and you have been given proper LEGAL advice. It appears from your post that you really aren't concerned about the legality of your conduct... only that you get your hands on HIS money.

How would my grandfather feel if he knew what little he had left was going to creditors instead of his family? That's just WRONG in my opinion.

It really doesn't matter what your opinion is. The money is NOT yours and
the minute he passes, it 'instantly' becomes an asset of his estate.

So again, if someone is willing to answer theser questions about what is LEGAL in this case, I'd appreciate it. In my view, we should have a FREE health care system in this country anyway, so I'm NOT sweating one bit over our family getting what my grandfather left us as opposed to some wealthy insurance company and/or hospital!

Maybe you will care when the creditors come after YOU for your illegal conduct in not following your state laws as to proper distribution of his estate.

And yes the funds were only in his name, but I have power of attorney.

Your POA means nothing in this.

Again I'm interesting in avoid any CRIMINAL issue here, I'm not interested in your version of what you think is right/wrong. This is a legal forum, not an ethics forum.

Correct... so listen to the correct LEGAL advice you have already received and quit being greedy, about it.

 

[Zigner]

How would my grandfather feel if he knew what little he had left was going to creditors instead of his family?

I would hope that, being the dignified and honorable man that he is, he would absolutely feel great that his obligations were being appropriately dealt with prior to his money-grubbing relatives getting their hands on it and trying to defraud the creditors that (rightly) expect to be paid.

Admittedly, I don't know your grandpa and could be totally wrong about his character

 

[HighMount]

I would hope that, being the dignified and honorable man that he is, he would absolutely feel great that his obligations were being appropriately dealt with prior to his money-grubbing relatives getting their hands on it and trying to defraud the creditors that (rightly) expect to be paid.

Admittedly, I don't know your grandpa and could be totally wrong about his character

Your opinion of what is "right" is completely irrelevant. Health care should be free in this country, that's my opinion - the proft motive and caring for people do NOT mix. That's MY opinion. But I didn't give you mine, i was coming to a LEGAL forum for advice, and I get a bunch of IDIOTS ranting about what they think is "right"

 

[Zigner]

Your opinion of what is "right" is completely irrelevant. Health care should be free in this country, that's my opinion - the proft motive and caring for people do NOT mix. That's MY opinion. But I didn't give you mine, i was coming to a LEGAL forum for advice, and I get a bunch of IDIOTS ranting about what they think is "right"

.

My OPINION? I was speaking from a legal perspective and trying to put it in to a perspective you'd understand.

Whatever YOU think should be "right" (free healthcare) doesn't matter in THIS case, because healthcare is not free.

Your grandpa must be proud of you!

 

[Zigner]

Your opinion of what is "right" is completely irrelevant. Health care should be free in this country, that's my opinion - the proft motive and caring for people do NOT mix. That's MY opinion. But I didn't give you mine, i was coming to a LEGAL forum for advice, and I get a bunch of IDIOTS ranting about what they think is "right"
.

Oh, and the only "idiot" ranting here is you. Just thought you might like to know that...

 

[JETX]

Your opinion of what is "right" is completely irrelevant. Health care should be free in this country, that's my opinion - the proft motive and caring for people do NOT mix. That's MY opinion. But I didn't give you mine, i was coming to a LEGAL forum for advice, and I get a bunch of IDIOTS ranting about what they think is "right"

We don't give a crap what your OPINION is.

If you want 'free' health care, move to Canada, or UK or France.

You received what this forum is designed to provide... ACCURATE LEGAL ADVICE.

 

[nextwife]

And yes the funds were only in his name, but I have power of attorney.

A power of attorney, once the party is DEAD, is just a piece of paper, with NO legal authority. Using it after death to fraudulantly transfer funds, using a now invalid POA would be a FRAUDULANT transfer!

 

[Zigner]

Don't know where I got "grandpa" from - but my answer(s) are still accurate and valid.

And...Uncle's not dead yet. Nephew (niece?) is just jockeying in to position for that quick snatch once he bites the dust!