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Are There Time Limits for Beneficiaries of Wills and Living Trusts?

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NeedTrustInfo

Junior Member
What is the name of your state (only U.S. law)? California

Hello,

My father passed away in early 2007 when he was married to his second wife (not my mother). She is a very difficult person to deal with and she is very tight with money. My father had a retirement account worth $400,000 that was likely commingled with her retirement account while he was still alive. This amount, or a part of it, is the only thing I would stand to inherit. I do not know whether my father was able to complete a will or living trust (he was very ill for several years before his death). And due to various reasons, I have not yet been able to approach his wife about this topic, and may have to wait a little longer before doing so. My question is, if there is a will or a living trust, and I am named as a beneficiary, do I have a limited time to receive or claim my inheritance?

Thank YouWhat is the name of your state (only U.S. law)?
 


curb1

Senior Member
There is a very good chance that this second wife will inherit everything. Were you named a beneficiary on his retirement account? What kind of account was it?

Best advice is to immediately converse with second wife, no matter how difficult.
 

NeedTrustInfo

Junior Member
It was an investment account. Up until they were married, I was named as sole beneficiary of the account. After his account was commingled with hers, that most likely changed. But if there is a will or living trust naming me, that wouldn't matter.

The main reason I want to wait to broach the subject with his wife is the state of the economy. Times are tough monetarily for most people, including her. She is the type to be dishonest about my dad's wishes if she feels like she stands to lose a large amount of money by telling me the truth. More so in times like these. I'd like to give the economy a chance to recover. She's more likely to tell the truth and cooperate with me if she's not feeling such a financial crunch.

My time limit is two months. I plan to give it until Obama's inauguration. Do I really have anything to lose by waiting that long?
 

Dandy Don

Senior Member
Check at the county courthouse probate court to see if he had a last will and testament that was probated. Doesn't look too good, though, about you being a beneficiary, because if you were named, the executor (if he/she knew how to contact you) or trustee (if there was a trust) would have done so by now.

If you know the name of the investment company, you can contact them yourself to inquire about what happened with your father's account and who was named beneficiary.

DANDY DON IN OKLAHOMA ([email protected])
 

curb1

Senior Member
My guess is (without knowing more) that the second wife has inherited all of the assets. Was that your dad's intention? His will (if he had one), most likely, would not get the money back to you after the assets were co-mingled. The economy won't be better in two months. Contact her now, but be prepared for getting zero assets.

Your example is very common for those who wait after death to do estate planning. It just doesn't work.
 

tranquility

Senior Member
My father had a retirement account worth $400,000 that was likely commingled with her retirement account while he was still alive.
I am uncertain what you mean, but find this unlikely.

I do not know whether my father was able to complete a will or living trust (he was very ill for several years before his death).
What he could or could not have done is irrelevant. What he did is.

My question is, if there is a will or a living trust, and I am named as a beneficiary, do I have a limited time to receive or claim my inheritance?
Yes and no. It depends. Make a request by certified mail and force the issue.
 

tecate

Member
The "investment" "retirement" account may be either a pay on death account, or show you as the beneficiary, depending on what type of account it is. I agree with Dandy Don. Have you spoken with broker?
 

curb1

Senior Member
There is a good chance that the "broker" will not distribute the information. The "retirement account" could possibly be nothing more than a joint account "nest egg".
 

NeedTrustInfo

Junior Member
Check at the county courthouse probate court to see if he had a last will and testament that was probated. Doesn't look too good, though, about you being a beneficiary, because if you were named, the executor (if he/she knew how to contact you) or trustee (if there was a trust) would have done so by now.

If you know the name of the investment company, you can contact them yourself to inquire about what happened with your father's account and who was named beneficiary.

DANDY DON IN OKLAHOMA ([email protected])
Checked with the courthouse today -- no will was filed. As far as the trustee notifying me by now, if it is in fact my dad's wife, she's the type to ignore that duty if it suited her.

And I think curb1 is right. I don't think the brokerage firm would distribute the information.
 

NeedTrustInfo

Junior Member
I just spoke to a probate attorney and she stated that the only time limit you generally have to worry about begins once you have been notified of your being named as a beneficiary in a living trust. Once there is evidence that you have been notified, you have 16 months to respond.
 

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