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wills & probate

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ohio-my son's father passed away 1 mth. ago--(we are divorced)-deceased left a will & revocable trust--trustee & excutrix is deceased's cousin--at this time there are (2) problems--(a)life ins. policies were supposed to have a beneficiary change at the time the trust was drawn up to make the trust the beneficiary--for whatever reason the deceased never did this (b) because of this, the trust cannot be funded in the manner it states and because the stock portfolio's which the deceased had (which the beneficiary is the trust) have gone from 330K a yr ago to 41K as of this date--mortgage on deceased's home was to be paid off upon his demise from trust and his live in companion of 2yrs was supposed to have a right to live there until remarriage, her demise. or she divested herself of the interest--problem is there are not enough funds in trust now to pay off mortgage--my son has no intention of signing over his share of the life ins. proceeds to the trust and I think that is very wise--this was suggested by attorney and trustee---what now happens with the house and the fact that the living estate for the companian cannot be fullfilled as the wishes of deceased requested per the trust? The insurance policies state 50% to my son and 50% to the deceased's mother--Is there anyway the other beneficiary can hold up my son's claim on the life ins.--he has already sent in paperwork--they do not have a good relationship nor does he have a good relationship with the executrix/trustee--his father & I adopted him when he was 4 days old and that side of the family never really accepted him--I am concerned they will try their best to give him the shaft--help
 


A

advisor10

Guest
SEPT. 26, 2001 (Wed.)

DEAR RECYCBRIDE:

Please explain:

(1) What is the value of the insurance policies?

(2) How much is the mortgage?

As long as your son was specifically named as one of the beneficiaries on the life insurance policy, there is not much of anything that anyone else could do to hold up the claim on it. However, if you know the name and address of the insurance company, it might be wise for you to call and ask them how the checks are going to be issued--try to insure that your son's check, if possible, will be made payable directly to you as his guardian. Under normal circumstances, they will probably make the entire life insurance check (for your son and for his grandmother) payable to the EXECUTRIX--of course, if she follows instructions and does everything correctly, she is SUPPOSED TO distribute the monies by depositing the check in the estate account and then issuing 2 separate checks (1 to your son and 1 to the grandmother), but is it possible for you to trust her to do this? Once she gets control of the money, who knows what could happen--could she be evil enough to hold on to the money for a long time and then distribute it whenever she gets ready or not even give it out at all?

Maybe you want to discuss this matter with a local probate attorney if you don't already have one.

SINCERELY,

[email protected]
 
A

advisor10

Guest
SEPT. 26, 2001

The life insurance company will probably tell you they can't make out the check to anyone except the executrix. In that case, at least ask them if they would please notify you by mail whenever they have sent the executrix the check so that you will know when to ask for your son's fair share from her.

SINCERELY,

[email protected]
 

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