Exec. Of Estate having probs with Father of Beneficiary

[Nastynissan]

What is the name of your state? North Carolina

A Little over 1yr. ago my mother passed from Cancer.. She had a Will. I was left as executor of Estate with provisions for my 1/2 Sisters to get their Inheritance at age 25. Or Before if I Believe it Necesary for School or Their father cant provide... The Girls are ages 13 and 17 and the Oldest is getting ready for College. The Whole estate consisted of $14,000 in a 401K and Checking, A Car valued at $1,000 and House/furnishings valued at @$150,000. The 401K money was used to Pay Debts and make improvements on the house (a sound investment I think). The rest of the estate is still intact and worth more now the a year ago.. I am currently living in the house and using the Car. The father is questioning/ threatning my use of the 401k money.. His thoughts are that the Money should have been put up for Schooling.... He is MORE than capable Financially to provide everything for them... He could write a check for the 1st years tuition and not dent his checkbook. Between his Veterans benefits and Scholorships/ grants He only needs to give her @$3000 for the first year... Yet he wants me to pay this out of the Estate...

HE is a VERY determined and Headstrong person.. He probably talked to an attorney today..

How much should I worry and what can I do to protect myself???

Thank You
Keith

 

[Dandy Don]

If the 401K money had a named beneficiary, then it should have passed outside of probate and should not have been included in estate assets, but if it didn't have a named beneficiary then it was correct to have been included.

Father's reasoning makes sense but is not really valid and does not apply, since you as executor had the legal right to use that money to pay off debts. He is somewhat out of bounds in retroactively trying to advise you of what "should" have happened when he has no legal authority to do so and you had no legal reason to accept his advice.

The bigger question is what are you going to do about the house and furnishings? Did the will instruct you to sell them? This is what you should consider doing to provide the money for the college fund. But realistically, there weren't enough substantial assets to begin with to set up a college fund.

Be very glad that the clause/phrase "IF I believe it necessary for school" was included in the will--that can be your escape clause. Since father can afford to pay and they can also look for scholarships/financial aid, you can now say that you don't believe that it is necessary for them to get a college fund (or more appropriately, there was not enough money left to provide a college fund) and so they will have to figure out another way to pay for schooling, unless you are willing to sell the house to provide some of the money for the college fund and use the rest to move somewhere else to live.

DANDY DON IN OKLAHOMA ([email protected])

 

[Nastynissan]

Thank You for your reply/ input.. With him being capable of providing financially for them I dont see a reason to sell the house at this point and time... (HE just bought an $11,000 camera and Lens, "Because He likes taking pictures") I am planning on putting the house up for sale when the oldest turns 24. Until then I am investing and improving the house and property. I pay extra on the Mortgage each month. This way Im making a solid investment. (Property values have Skyrocketed in recent year). And the Girls will have money available to start their life after school. And this way everybody will recieve a greater amount than what we would NOW.. Hopefully he'll get over his current issues SOON.

Thank You again..
Keith

 

[seniorjudge]

The way to absolutely settle this is for you to ask the court where this is being probated to make a ruling on it.