6 yr old will

[PoorWife]

Writing from Florida

My husband's mother passed away in 1996. We have heard rumors that she had around $900,000.00 to divide between her 3 kids. She was married to a Neurosurgeon and he is not hurting for money, we have never seen a copy of her will, but my husband thinks that the step-father was named the Executor.

Her mother passed away a few weeks ago and when going through things at her house we found a hand written copy of my husband's mothers will (made 2 months before she died) that states the kids are to split her estate. It includes a life insurance policy number and says the stocks are to be sold and money split also.

To make a long story short we all feel like the step dad is hiding the money from the kids. They received a little money when she first passed away, but nothing more. When the step dad is asked about ie he says it's in a "Tax shelter" or it's tied up and we will receive it when he dies.

I feel like my family is being deceived and they won't ever see the money their mom willed to them. (The step dad has since remarried and she has several children) Do we have any right to push the issue with this hand written copy (that nowhere has the step dads name on it)? Or should we just sit back and wait to see what happens?

Thanks

 

[advisor10]

3-12-2002

DEAR POOR WIFE:

Go to the probate court/county courthouse to look at your husband's mother's probate file, which will contain the will and other financial information on how the estate was handled, and you may get some or most of your questions answered. You will get a clearer picture of how the assets were distributed and to whom, if the executor furnished accurate records.

You can't just automatically assume that the stepdad is "hiding money" without coming up with evidence to prove or disprove this (although it does look as if he has not distributed the assets according to the instructions of the will). He may have used his discretion as executor to make some decisions about the assets that he thought were better for his children, and since these actions are supposed to be reviewed by a probate judge, it would be hard for him to get away with outright stealing.

(1) LIFE INSURANCE

If you know the name of the life insurance company, contact them (by sending them a letter by certified mail) giving them the insurance policy number, name of deceased, etc. and inquire about the status of the policy (if it has been paid out--if so, who were the beneficiaries), and don't forget to write your name and your relationship to the deceased.

The life insurance is technically NOT part of the estate and does not need to be reported as an estate asset, since the money is payable directly to the named beneficiaries who can spend it any way they want to.

(2) STOCKS

He probably cashed them in, although there is also the chance that he may have decided NOT to cash them in if he thought they would increase in value in the future.

Are the 3 kids minors or of adult age?

Is the neurosurgeon the step-father, or is the step-father someone she married after the neurosurgeon?

Ask another probate attorney to review the probate file to get their opinion if it seems that the financial matters were handled correctly or if there is something obviously wrong about it or looks out-of-order, and also try to find out from the probate court clerk if it is a requirement in your county that executors be bonded.

It is possible that what he is saying about the "tax shelter" or being "tied up" could be true, if he is investing the money hoping that it will increase in value, but you need to try to get him to be more specific about the particular details of the money (what types of accounts is it in, specifically who would the heirs need to contact in the event of his death, approximately how much is in the accounts, what banks or stock brokerage firms does he use, who is his executor or attorney, ask to see his will, etc.) so that he just can get away without explaining more details about what is left for the heirs--you certainly can't ask about it after he has died, so if he is on the up-and-up, he shouldn't mind the heirs inquiring now about what is rightfully theirs.

If he is not forthcoming about opening up about these details, then you might have cause for concern.

SINCERELY,

advisor