Does a will have to be filed within one year?

[fous15]

I have written before almost 9 months ago..my father-in-law had a friend that died exactly one year ago today Dec.19,2000..He was informed then that he was in the will (this gentleman was worth 20 million dollars!!!!!)He lives in Missouri as we do...He was told by the firm that he and my mother-in-law were going to get a living trust..and that each one would receive a check every 3 months..and the amount would be the same for each check..but they were told they could not be told the amount yet..over the last several months they have received letters saying things were being worked on..the only clue is that one of the lawyers made a statement to him "He must have been a very good friend to leave you this kind of money"!!
But does something like this have to go through probate and would a will have to be filed within one year??
My father in law is kind of hesitant to ask questions of the lawyers..they are being handled by CTI of Dallas,Tx...so he kind of asked me to try and find out something on the internet!!




Phil in St.Louis

 

[advisor10]

12-19-2001

DEAR FOUS15:

The main reason that the deceased friend used a trust is so that the financial information will remain private and confidential, whereas a will is a public document that anyone can look at in the courthouse. It is also possible to have both a will and a trust, but usually most assets are put in the trust.

If there was a will, it is usually a legal requirement that it be filed within 30 days after the person's death. If your father knows the city where your friend died, then your father could contact the county courthouse probate court for that city to look at the probate file (which will include the will and other estate financial information in it) or order copies of it by mail if he can't visit the courthouse in person.

If a will was filed, then yes, it would have to go through probate.
However, if the estate is still open now, then the information won't be totally complete until the estate has closed.

The reason that it is taking so long to handle the estate is that an estate with this much money in it is usually tied up in stocks, bonds, pensions, etc. and it takes time to cash in the assets, file state and federal estate tax returns, pay all outstanding bills, do all the estate and court paperwork, trust documents to do at the bank, etc.

Your father does NOT need to be hesitant about asking questions. Since he is one of the main people who will be benefiting from the trust, the attorneys or trustees who are handling the trust are working somewhat on his behalf, so he should feel free to ask them any questions he needs answers to, just try not to be a pest by asking TOO MANY questions. They will be more than happy to answer him.

Whenever your father gets his first check, he really should consider hiring a certified financial planner and CPA/tax accountant to advise him how much taxes will have to be taken out and how best to spend and invest the rest of his money so that it can be handled wisely.

Congratulations on his good luck!

RESPECTFULLY,

advisor
e-mail: [email protected]