curious about inheritance and wills

[mikester]

So, a little while back my grandparents died.

Sucked! Loved them very much. My Dad and Uncle I'm assuming were their primary if not sole beneficiaries. At times however my Uncle and my Grandmother would say that there was money coming to the grandchildren in my grandparent's will. My grandfather died first and my Grandmother died not long after.

I didn't think much of it and really try not to think much of it now in the way of inheritance. They weren't rich but had taken good care of their finances and done well for themselves. I don't need anything from them, I have the memories and what I learned and that is enough. I am however curious to the process that would have been taken to execute their final wishes based on their will. My brother and I got into a conversation about this yesterday which we were both kind of uncomfortable talking about and we both had questions.

We know our Dad and overall do trust him - mostly. My Uncle couldn't keep a secret about money if his life depended on it.

My dad's recently started buying property, nothing substantial but a couple of condos to put his wife's daughter and my sister in (separate properties). Both of the girls need some financial and physical assistance. Dad's doing good here I believe but I'm not totally unaware of his finances pre-parental death and I know that there was money to be inherited. I know how my Uncle lives now as compared to before and I was aware of his finances as well (can't keep his mouth shut).

How are things like this executed? Is there some official process or is it left up to someone like my Dad who had power of attorney at the time to do whatever?

Even if there is or was something for the grandkids I suspect it would not have been life-changing but might have been interesting.

There were many times where my grandmother and uncle and even my Dad said that there would be something but it's been a couple of years now and the subject has never been brought up.

I won't lie and say I'm not disappointed if there is nothing but at the same time I'm more disappointed him myself for being disappointed and caring about that aspect. I don't need any money from them; I treasure the memories and time I had with them and miss them very much. What I learned from them in life is far more valuable.

Still, I am curious and every so often the topics pops up in my brain and I have no idea how these things work.

Anyone?

[70SATMan]

Power of Attorney if I'm not mistaken does not automatically mean that he was the executor of the will.

Could have been a will, could have been a trust with a trustee. In either case, it is the duty of both to execute the instructions laid out in either case. A will I believe has to go through probate, the trust does not (again, I'm not a prof.).

If it was a will then I also believe that the contents become a matter of public record through the probate process.

Again, I could be talkin through my arse... been known to happen.

[Miguel Antonett]

Reading your email, I sense different issues... Definitely you need an attorney and probably for no more than an hour... It will be worth the $200 ~ 300 will cost you and can even split it with your brother.

[recycled sixtie]

Mikester,
First off I am not a legal expert but just a humble person who has experienced and been the beneficiary of a grandparent's will.

40 years ago + I received a small inheritance from my grandmother. This is UK law.
I was named as a beneficiary and about 2 years later I was paid out. If you were a beneficiary from your grandparent's estate then you likely would have known about it at the time.

Similary when my mother passed away 2 years ago my daughter was bequeathed a small amount from my mother's estate. It was settled after a year.

Now when it comes to trusts that benefit you surely you must know about it?
I do not see anything wrong in asking your father and uncle if you were mentioned in your grandparents' will. Your parents would be obligated to tell you if you were the beneficiary. Likely a lawyer on this forum will tell you how US/state law works for beneficiaries.
Cheers, Guy

[recycled sixtie]

Originally Posted by Miguel Antonett

Reading your email, I sense different issues... Definitely you need an attorney and probably for no more than an hour... It will be worth the $200 ~ 300 will cost you and can even split it with your brother.

+This as well.
G

[nota]

if you are named in the will
the attorney handling the probate will contact you and give you a copy of the will
most cases are paid out in 6 to 18 months depends on the state and tax laws

if there was a general fund to divide among the grand kids you may not be named
or get a copy from the court of the will but should be paid in the same time frame
a will is a public record if you know the county where the probate was
they should give you a copy of the will[s] for a small fee

if there was no will, the first generation you dad and his brother would share the estate
most states do not go passed the first gen unless there is no surviving people of that gen
each state may vary

what sometimes happens is grand dad had a will that left all of the estate to his widow if alive
and then had a distribution to the grand kids as an option if grand mom had died before or with him
and grand mom did not have a will or did not follow the same plan g-dad had
[she does not have to follow his instructions]

anyway try to get a copy of the wills
before spending $$$ on a lawyer

[MikeSid]

Why can't you just ask your father what happened to your grandparent's estate?

Generally speaking, if they had a will, probate would be filed in the county court where they resided and the will would be of public record. If they had a trust, the dispostion of their estates would be a private matter between them and their trustee. If they owned real property, you could check the present ownership of that parcel and see what deed vested title in the new owner an who signed it.

There are dozens of ways to find out what you are looking for but the simplest is just to ask your dad.

[LakeCleElum]

Laws differ from state to state. Attorney thing is excellent advise. Yes, a power of attorney and executor are duties that don't all get assigned to the same person.

Many older people voice intentions to pass something on to a grandkid (or whomever) and never put it in writing. Do you know for certain there was a will? If your state requires probate, it's all public record at some point........

My mother has is getting Alzhemimers, I have power of attorney and am executor. She had put me on her local bank savings account, but not checking. I take in power of attorney with a letter from her Doc.........Sorry, power of attorney was just written for health care issues.

[red-beard]

Originally Posted by mikester

My dad's recently started buying property, nothing substantial but a couple of condos to put his wife's daughter and my sister in (separate properties). Both of the girls need some financial and physical assistance.

Is your sister's Condo locked from the outside to protect the innocent?

[Amail]

I'm going thru this right now. My uncle died and put together a simple will outlining who gets what. A clock to one of my cousins, some Christmas plates to another one. The rest of his estate is to be split equally between his three nieces and me.

Since the estate is less than $150k we do not need to go thru probate. We must wait until 40 days after his death to distribute the estate. This is California, YMMV.

I think you ought to ask your dad if there was a will. If it seems awkward, maybe use this event as a reason to talk with your parents about their will and maybe your own. It's a delicate subject to bring up, but is vitally important.

[notmytarga]

I received funds from both sets of grandparents. My mothers parents stipulated $3000 to each of their 24 grandchildren IF the grandchildren were 25 years old. My funds were put into an annuity since I was 23 yo. When I turned 25 I almost cashed out.... instead I converted it to a renewable annuity. Every year I get an annuity statement to remember Dado and Mimi by - it hit $10,000 this year (I am 53). Another investment might do better - but this how I remember them.

My father's parents had a similar formula but less assets and less grandchildren. When I was 35 and my grandmother died I got a bit more than $3000. That was the perfect amount to buy a turn-key brewing system that I would not have if those funds were not gifted.

I support getting the documents (wills and trusts) and looking through them before deciding to have a lawyer step in. I wouldn't take anyone's word for what was supposed to have happened.

My ex-wife died, not long after a personal bankruptcy, my daughters didn't get anything. I thought she had a life insurance policy. I never asked her parents - they were in enough pain already - and I have provided for my daughters all along. Both of them are nearly of college and providing for themselves.

[mikester]

Yes, my intention is to ask my Dad but I wanted to have some understanding of the process too.