Estate with no will or executor

[klucich]

What is the name of your state (only U.S. law)? MO
Mother-in-law's estate has been sitting collecting dust, bills, penalties and fees for almost three years now. Nobody has done anything except my husband and I have paid the nursing home off (they put a lien on our house) and just enough taxes to keep the house off the auction block (out of our own pocket). I finally got all the mail from my husband and have everything opened and am in the process of sorting it all out. What is my next step? Can we just turn everything over to a lawyer who handles estates and he would be executor? Taxes have to be filed, taxes have to be paid, bills have to be paid, etc. etc.

 

[FlyingRon]

You need to open probate. Yes a lawyer can handle all that and either execute the estate himself, or work with you if you are named the executor.

 

[disneykid52]

I am an only child and when my father died there was still a mortgage on the house. He had no will so I just sold his 3 cars, all the furnature and appliances in the house. Told the bank to take the house that I moved out and down to Florida.

 

[klucich]

You need to open probate. Yes a lawyer can handle all that and either execute the estate himself, or work with you if you are named the executor.

Thank you FlyingRon!

 

[Zigner]

I am an only child and when my father died there was still a mortgage on the house. He had no will so I just sold his 3 cars, all the furnature and appliances in the house. Told the bank to take the house that I moved out and down to Florida.

Why would you admit to this crime?

 

[klucich]

You need to open probate. Yes a lawyer can handle all that and either execute the estate himself, or work with you if you are named the executor.

Can a beneficiary of this estate fill out and submit a claim for a life insurance benefit prior to the estate being executed? One of the 4 beneficiaries of a life insurance policy has instigated payout to all four of the named beneficiaries on one of the policies. Just wanting to know if my husband, as one of the named beneficiaries, is breaking any laws by proceeding with the requested paperwork for payout. One of the four beneficiaries has already received the payout.

 

[anteater]

Life insurance proceeds with surviving primary or contingent beneficiaries are not probate assets. The beneficiary(ies) submit his/her/their claim directly to the insurance company.

 

[klucich]

Life insurance proceeds with surviving primary or contingent beneficiaries are not probate assets. The beneficiary(ies) submit his/her/their claim directly to the insurance company.

So does that mean that all life insurance policies do not go toward paying back taxes and bills of the estate?

 

[klucich]

Life insurance proceeds with surviving primary or contingent beneficiaries are not probate assets. The beneficiary(ies) submit his/her/their claim directly to the insurance company.

While I am at it, would that include 401k and profit sharing plans from a former employer that may have the siblings named as beneficiaries?

I believe the IRS has already garnished an investment account, but can't see that that one is a 401k.

 

[anteater]

Bear with me here...

In many states, a creditor might be able to get to some of the deceased's assets that pass to survivors outside of the probate process - assets like jointly owned accounts with survivorship rights, Pay on Death bank accounts, Transfer on Death securities accounts, etc. But, generally, if the creditor could not get their mitts on an asset while the person was alive, then the creditor can't get latch on to it when the person is deceased. That would include things like life insurance proceeds, retirement accounts, etc.

But, as I said, it is state dependent and would take some research to find what the law is in Missouri.

General rule: make the claim for whatever a beneficiary is rightfully entitled to. Let the creditors figure out if they have a way to reclaim it to pay the probate estate's obligations.

 

[klucich]

Bear with me here...

In many states, a creditor might be able to get to some of the deceased's assets that pass to survivors outside of the probate process - assets like jointly owned accounts with survivorship rights, Pay on Death bank accounts, Transfer on Death securities accounts, etc. But, generally, if the creditor could not get their mitts on an asset while the person was alive, then the creditor can't get latch on to it when the person is deceased. That would include things like life insurance proceeds, retirement accounts, etc.

But, as I said, it is state dependent and would take some research to find what the law is in Missouri.

General rule: make the claim for whatever a beneficiary is rightfully entitled to. Let the creditors figure out if they have a way to reclaim it.

Thanks Anteater. I'll get the ball rolling on this whole deal.

 

[disneykid52]

Why would you admit to this crime?

Come find me

 

[Zigner]

Come find me

That is non-responsive. I could care less how you handled things. I DO care that you advise others to do the same.

 

[disneykid52]

That is non-responsive. I could care less how you handled things. I DO care that you advise others to do the same.

Where in my post do I "advise others to do the same"? All I said is what I did. Not what to actually go and do.

 

[curb1]

Zigner, just wondering? Where was the crime? Attorneys have been advising the same actions all over the U.S. for the last four years.