AUG. 29, 2001
DEAR WDEBOSE:
My condolences on the passing of your ex-wife.
What is the estimated value of her estate?
Were you named as a beneficiary in her will or in her insurance policy?
You really do not need to be concerned about a beneficiary change, as such, since that is not possible. You should go ahead and claim whatever monies you are eligible to receive, and then speak to a financial planner or to someone at the trust department of a bank to set up a trust account or savings account on behalf of the child, so the money can grow and he/she can use the money at a later date.
If the estate is very small, there may be a simplified procedure that is not as complicated as probate, but you would need to speak to a local probate attorney about that (first consultation is usually free). Generally, about 90% of the time, probate is necessary, because someone needs to be responsible for claiming the decedent's money and property and paying off any outstanding debts, taxes and funeral expenses.
SINCERELY,
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