letters of testementary

In 1985 my father passed away and left a small IRA to my son Sean. My wife and I left the money in the bank expecting to use it for Sean's education.

Sean recently passed away a few days after his 16th birthday.

The bank holding the money needs, in addition to some easily obtained documentation, "Letter(s) of Testementary" to release the funds to us. I consulted an attorney and he wanted a rather large retainer. Considering the small ammount of money in the account, paying him what he was asking made it not worthwhile to use his services. Also, I didn't work for quite a while after Sean's death and could not afford the fee.

I want to know if I can do the documentation myself. Please advise. Thank you.

Sincerely,

Gene O'Brien

I am sorry for you loss. Unless there was an alternate or contingent beneficiary on the IRA, it goes to your son's "estate." Generally, to pass assest thru an estate you need to open a probate estate and receive letters testamentary. However, many states have a simplified affidavit procedure for small estates -- in Illinois it is for estates under $50,000. Find out what your state's small estate procedure allows. Whats state is this in?

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Jeffrey R. Gottlieb http://www.illinoisestateplan.com

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by illinoisestateplan.com:
I am sorry for you loss. Unless there was an alternate or contingent beneficiary on the IRA, it goes to your son's "estate." Generally, to pass assest thru an estate you need to open a probate estate and receive letters testamentary. However, many states have a simplified affidavit procedure for small estates -- in Illinois it is for estates under $50,000. Find out what your state's small estate procedure allows. Whats state is this in?

<HR></BLOCKQUOTE>

My response:

He says in his "profile" that he's from Florida.

IAAL



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Thank you for your condolances and speedy reply. The money is in the Dime Savings bank in New York. I currently live in Florida. Let me know if you need any more information. Thank You.

Sincerely,

Gene O'Brien