Can family see how estate money has been spent?

[Coloradogirl5]

My whole family lives in colorado and my mother died in August 2001. She had money in her banking accounts and her money market funds. Her house just sold and we received a portion of the sale of the house. Is my sister, the executor, obliged to give us an accounting of how mom's bank account money was spent since mom's death? How can we find out how that money has been spent?

 

[JETX]

Any involved party can file a motion with the Probate court to review the estate. I suggest you contact the Probate court or have your attorney do so.

 

[advisor10]

1-29-2002

DEAR COLORADOGIRL:

After this estate has been closed, the executor is supposed to file financial information in the probate file (along with the will) that shows expenditures and assets, etc.

If she had power of attorney before your mother died and if she cashed in the accounts and money market funds before she died, then she can spend that money any way she wants (supposedly I guess to help take care of expenses regarding your mother's care) without having to account for it.

However, if the accounts and money market funds were cashed in AFTER your mother died, then they are probate assets that must be listed as such in the probate file and she will have to account for how that money is spent (IF she has spent it); otherwise, it should be added to the estate to be divided among the heirs.

If the estate is still open, you would be somewhat of a pest by asking for an accounting while the probate matters are still being taken care of. Wait until the probate estate has closed or is about to close and then see if the money was reported, or ask the executor about how the money market funds and bank accounts are being handled--you may even want to ask the executor about this before the estate has closed, so they will be put on notice that you are aware of that aspect.

It may be somewhat nosy and a violation of privacy for you to find out HOW the money has been spent, if it has, but you could, if necessary, have your attorney to subpoena someone's bank account records if you feel this money has not been reported as a probate asset.

 

[Stanford]

Similar issue in TX

I have a similar question, but it's regarding an aunt who died without children in TX. Two of the eight sisters seem to have come into a bunch of money and refuse to explain what's happening with the estate to the rest of the family. i'm just wondering if their are similar laws requiring an accounting of matters re the estate in TX.

 

[advisor10]

3-8-2002

DEAR STANFORD:

You mistakenly posted your response to someone else's message. What you should have done was to register and get your own password, and then log in to post your own original message. But what's done is done.

Have you checked at the county courthouse to see if an estate/probate file has been opened for the deceased relative? Someone in the family (or their attorney) may have filed paperwork to become administrator of this estate (if there was no will), or executor (if there was a will). If the will was filed, you can see a copy of it and get the name and address of the executor.

If the will named beneficiaries, that money should be paid out after all assets claimed and all debts paid. If there was no will, then it is likely that the surviving siblings (all of them) would be named equal heirs to the estate, so if these sisters have claimed a larger share, this is illegal and unfair. If they have not filed an accounting with the probate court for the estate, then you need to get your own attorney to report this to the court and have the court order them to return the money to distributed according to law.

SINCERELY,

advisor