Need Advice For Dividing Assets - No Will

[NeedHelpInPA]

What is the name of your state (only U.S. law)? PA

Last week my Grandmother passed away. She had two children both daughters who both unfortunately passed away in 2006, and is survived by 6 Grandchildren. My Grandmother did leave behind money and other assets. She left no will which was by her choice. Her money was placed into Joint CD’s and joint accounts to avoid the state from taking over any liquid assets. There are some disagreements forming as to how the assets should be split. On one hand some believe that the money should split two ways with each share going to each daughter’s family. On the other hand some believe that the money should be spit evenly among all of the Grandchildren. I also have to add that My Uncle was Power of Attorney and it was his intentions though not put in writing, however verbally stated to me on more than one occasion that his plan was for the money to be split two ways with each half going to my Grandmother’s Daughters’ Children.

Can someone help? Please let us know which is most fair way to divide the monetary assets based on the information I have.

Thank you for any and all help.

 

[curb1]

Your Uncle's POA ended when your grandmother died. He has no authority to make any decisions. The distribution will be decided by standards set in place for your state. Someone on this site can probably tell you what those standards are. I believe the standards are that the assets will be distributed equally among grandchildren.

 

[Farfalla]

As curb1 has stated the POA ended upon her death.

You said that everything is held in joint accounts. Does that mean that she put the uncle who had the POA as joint owner of all the account?

Is the uncle Grandmother’s brother?

If they accounts are held jointly by the uncle and grandmother, than they might have actually passed to the uncle and it is totally at his choice what he does with the money… including keeping it for himself. This depends on the wording that establishes ownership of the CDs and accounts.

Can you tell us who she owned the accounts jointly with?

Here is the PA law for intestate distribution. According to the law, your grandmother’s children/grand-children are the only legal heirs.

Dying Without a Will - the law of Intestate Succession in Pennsylvania

http://www.wolfbaldwin.com/lawyers_attorneys/articles.asp?ArticleID=34&Page=pa_intestate_no_will_intestacy_estate_Pennsylvania.asp

 

[NeedHelpInPA]

As curb1 has stated the POA ended upon her death.

It was set up voluntarily under 3 CDs in which 3 of the grandchildren were added jointly. In addition My uncle is the husband of her daughter.

 

[NeedHelpInPA]

Intestate Succession Heirs

If my Grandmother has no surviving spouse, children, brothers or sisters, than the grandchildren would be next in line. I would think that grandchildren are much closer in relation than cousins, aunts, and uncles. Of which she has not surviving aunts and uncles either.

 

[Farfalla]

It was set up voluntarily under 3 CDs in which 3 of the grandchildren were added jointly. In addition My uncle is the husband of her daughter.

All 3 grandchildren? You said that there were 6 grand children in your first post. So only 3 grand children on are on the 3 CD's.

Any asset that had co-owners listed pass only to those people who are listed as co-owners. So the 3 grand children own those CD's. You uncle cannot now cash them in and distribute them differently. He does not have POA anymore.

What about the other accounts. Who is co-owner on them?

Are you one of the grandchildren listed on any of these assets?

 

[Farfalla]

If my Grandmother has no surviving spouse, children, brothers or sisters, than the grandchildren would be next in line. I would think that grandchildren are much closer in relation than cousins, aunts, and uncles. Of which she has not surviving aunts and uncles either.

If the children are deceased, it passes to the grand children.

http://extension.aers.psu.edu/LAW/ThePAIntestateLaw.pdf

LEVELS OF PROPERTY DISTRIBUTION UNDER
THE INTESTATE LAW OF PENNSYLVANIA

A. If a spouse survives the decedent, the share of the surviving spouse depends on the
following circumstances.

1. If no children, grandchildren, (etc.) or parents of the deceased survive, then the
surviving spouse receives the entire estate.

2. If there is a surviving child or children of the deceased and the surviving spouse; a
surviving grandchild or grandchildren of the deceased and the surviving spouse; or a
surviving parent or parents of the deceased; then the surviving spouse receives the first
$30,000 of the estate plus one-half of the remaining estate balance.

3. If one or more surviving children or grandchildren are not children or grandchildren of
the deceased and the surviving spouse, then the surviving spouse receives one-half of
the entire estate.

B. If children and/or grandchildren of the decedent survive, then whatever share is not
distributed to the surviving spouse (i.e., one -half of the remaining estate balance, as
described above ), or one-half of the entire estate as described above, is distributed to
the children and grandchildren of the deceased.

1. If all children of the deceased survive, per capita distribution is made among the
children (equal amount to each child).

2. If some children of the deceased died before their parent, but were survived by children
of their own (i.e., grandchildren of the decedent), these grandchildren will take the share
that their parent would have taken had the parent been living. The grandchildren will
take an equal share of this amount.

 

[curb1]

This comes down to how the assets were titled at death. It is possible that only three of the grandchildren will end up with everything. Again, how was each asset titled at time of death?

 

[nextwife]

Someone needs to file probate, and someone needs the legal authority appointed by the probate court to act as PR or executor. The FIRST place assets go is to pay for interment etc. and then any CREDITORS. You cannot possibly know yet if there are any bills which the estate must pay. WE waited a year before completing all distribution for my mom's estate to make certain all creditors and taxes were paid.

You've also been informed about what the distribution would be of remaining assets in an intestate distribution.

 

[tranquility]

Money and assets in joint accounts will pass by operation of law. Money and assets not in joint accounts will pass by intestate succession. There are not choices here. There is no need for advice. Things will pass as they should pass.

 

[Farfalla]

NeedHelpInPA,

The CD’s and accounts that are jointly owned by the 3 grand children now belong to those grand children. Those three grand kids need to get copies of the death certificate and contact the institutions to get the accounts/CDs put solely in their names.

Did your grandmother have any assets that were not in joint accounts? Did she own a house? A car, jewelry, etc? Those things need to go through probate. Someone has to open probate. Has your uncle done that? In probate the personal representative has to follow the intestate laws of distribution AFTER all her bills are paid.

 

[Dandy Don]

Uncle was truly very sneaky--if he truly wanted the money to go to all 6 grandchildren, then he should have named 2 beneficiaries on EACH of the 3 CD's. But let me guess--the 3 who are listed as beneficiaries are HIS children, right? Now there is no way to ENFORCE that they money be split, but I sure hope they want to do that.