Settling an estate

[LadyLeigh]

I am in the process of getting an account settled that is in a bank in Puerto Rico. It is an "and/or" account. It was opened by my father-in-law and his father. His father deceased about 2 years ago. My father-in-law deceased a year ago this coming December. The lawyers in the bank are giving us the run around and telling us that they cannot give the money over to us because they don't know if the heirs of my husbands grandfather will come some time after we settle the account to come and claim their money. It's been over 2 years for them and they have yet to claim it. I understand there is a 5 year statue of limitations, and we are told that we can legally remove 25% of the funds for "emergency expenses? (funeral costs, etc...) We do not get along with the other "heirs" and we know that the money is TOTALLY my father-in-laws and knowing them they will put claim to it if we inform them of the circumstances we find ourselves in. We understand that there are two types of joint accounts and trying to see if we have a leg to stand on. I was recommended to contact my local bank (the bank in which I plan on depositing the money into) and speak with their lawyers to see if the bank in PR has any validity in what they are stating or if they think that we simply do not know any better. I want to know if this is worth it? Any ideas or sugesstions would be greatly appreciated. Thank you!

 

[advisor10]

OCT. 12, 2001

DEAR LADY LEIGH:

You certainly have an unusual situation, to say the least.

I'm not sure that having the attorneys talk to the bank would be a good idea (although it might be), since Puerto Rico will probably not change their position on this.

If I were you, I would try to find out the month and year that your husband's grandfather died and try to find his probate file (that would contain his last will & testament) at the county courthouse of the city where he died. You should try to find out the name and address of the executor of your husband's grandfather's estate, and try to contact the executor, because it is this person who would be responsible for claiming your husband's grandfather's half of the joint account, and the Puerto Rican bank should be more agreeable to paying half the amount to the executor of each estate, and then letting the executor of each estate fulfill his legal responsibility for determining who the heirs are who will split the money. The check would be made out to the executor of each estate with the added designation re: Estate of John Doe.

Has someone been named as executor of your father-in-law's estate?

SINCERELY,

[email protected]

 

[advisor10]

10-13-2001

In my previous reply to you, I should have mentioned that if possible, the executor of each estate should also prepare a list of the names and addresses and phone numbers of the heirs that will be inheriting from the father-in-law's estate and the grandfather's estate, to present to the Puerto Rico bank as helpful evidence that the executors have every intention of seeing that the rightful heirs will be paid. It may calm the bank's fears and make them more likely to pay the checks to the executors, and the executors should also mention in their letter/request that executors do have the legal authority to claim any and all assets of the decedent, to further strengthen your claim to the monies.

Also attached with the letter/request should be a copy of each executor's "Letters Testatmentary" that they received from the court, as proof that the executor is authorized to act in behalf of the decedent. It would help if you were able to get a certified copy of the letters testamentary (photocopies that are stamped with a rubber stamp or a seal with raised letters that prove the documents came directly from the court).

SINCERELY,

[email protected]