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will/contest validity

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K

kychic

Guest
Kentucky
my grandfather who died recently had a checking account with his name listed first, then mine and then my sister's name;it was separated by ors. my father's name was on that account somehow (secondary or co-owner but not owner as we were)what are our legal rights to that money and will inheritance tax be owed on that? do my sister and i have legal right to close out that account? what is my father's legal right if any to that money? how do we find out if probated will was last will written? how do we find out if cert. of deposit or life insurance policies carry our names in addition to our father's? please advise as there is much friction in our family currently.
 


A

advisor10

Guest
JULY 17, 2001

DEAR KYCHIC:

It seems as if you and your sister's might be able to claim this money from the bank without it even being reported as part of the estate, since you all may be secondary or joint beneficiaries. There is no inheritance tax due on that. You or your sister may have the right to close out that account--all you have to do is call up the bank and ask them what is the procedure, and also to explain the meaning of the "or's" in the account ownership.

Please be advised in advance that they may inform you that only the executor of his estate is allowed to claim this money, and that can happen only after the executor has filed the will for probate at court and then receives his legal papers authorizing him/her to act as executor in claiming assets.

You need to ask the bank what your father's rights are to that money, if any.

There is no way for you to find out if the probated will was the last one written--if someone else has a more recent will, then they will submit it for probate (and the judge will have a hearing to decide which one will be accepted), but it is very unlikely that anyone else would produce another will.

To find out who certificate of deposit beneficiaries are, you need to speak with someone at the bank where the certificates are held. If you know the name and address of the life insurance companies where policies are held, then you need to contact them to find out who those beneficiaries are.

SINCERELY,

[email protected]
 

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