Q&A

Why did my sister keep the extra money?

Why did my sister keep the extra money?

The law firm we hired says this happens often and is usually corrected in the will or by the heir receiving the extra money. That never happened. My sister refused and kept the $100,000 that was in the bank account — and got reimbursed for the bills out of the other assets of the estate.

What did my father tell his sister when he died?

During Christmas 2012, my father told my sister and me that he had made my sister a signatory on his bank account so she could pay bills from his bank account when he died. He looked at us and said, “The rest gets split between you two.”

Who was Meri Brown’s mom on Sister Wives?

Bonnie made several appearances on the the popular reality show, and also help run Meri’s bed and breakfast, Lizzie’s Heritage Inn. As she shared a picture of her Mom, Meri wrote in the emotional caption: “76 years and 17 days was not enough time for the world to feel the beautiful spirit of this beautiful woman.

How old was Meri’s mom when she died?

Last week, Meri confirmed on Instagram that her mom, Bonnie Ahlstrom, died at the age of 76. Bonnie made several appearances on the the popular reality show, and also help run Meri’s bed and breakfast, Lizzie’s Heritage Inn.

Is it fair for siblings to take care of parents?

Automatically reverting to childhood roles Maybe when you were kids, the older sibling took care of everything. It’s easy to fall back into that pattern and let them take on most of the responsibility of caring for your parents. Francine reminds us that isn’t fair to any sibling.

How to deal with your parents and siblings?

Not realizing that your beef may be caused by your parent, not your sibling “They may not mean to, but parents can divide their adult children,” says Russo. Her example: You fly in to visit your mom and all she can talk about is how your brother called her a few times last week and how wonderful he is.

When to cut the ties of bad family?

If you’re still undecided about cutting off the relationship, setting healthy boundaries now can show you where you stand. Although, it is more difficult to set boundaries with family than with any other people because patterns are ingrained for generations sometimes.

The law firm we hired says this happens often and is usually corrected in the will or by the heir receiving the extra money. That never happened. My sister refused and kept the $100,000 that was in the bank account — and got reimbursed for the bills out of the other assets of the estate.

What happens if there is no money in my mom’s account?

So the money in your mom’s account must first go to her creditors. If there is anything left, you get it. If, however, there isn’t enough money to pay off your mother’s creditors, you are not responsible for any unpaid balances—unless one of the above exceptions applies.

Do you have to pay your mother’s debt after her death?

Simply put, if you are a cosigner on any account with your mother, your responsibility to pay the debt survives her death. Community Property Exception. In community property states, the responsibility to pay your spouse’s debts continues after the death of one spouse as well.

What are the responsibilities of heirs after death?

Heirs’ Responsibilities After a Death 1 Paying From the Estate. After a death, the executor of the deceased’s will is responsible for notifying creditors of the death. 2 Credit Card Debt. Creditors will do what they can to see that a debt is paid. 3 Dealing with the IRS. 4 Life Insurance. 5 The Bottom Line. …

What happens to assets if an heir passes away?

If heirs pass away and it’s not a simultaneous event, the heirs cannot inherit any assets under the succession laws, unless that heir has children. In some instances, the children of a deceased heir can inherit the assets of the decedent.

What happens to my mother’s estate when she dies?

If your mother had a spouse at the time of her death, then the distribution of her estate depends upon the ownership and titling of her assets. Generally, the majority of her assets would pass to her surviving spouse. Children or grandchildren may inherit a smaller share.

So the money in your mom’s account must first go to her creditors. If there is anything left, you get it. If, however, there isn’t enough money to pay off your mother’s creditors, you are not responsible for any unpaid balances—unless one of the above exceptions applies.

Simply put, if you are a cosigner on any account with your mother, your responsibility to pay the debt survives her death. Community Property Exception. In community property states, the responsibility to pay your spouse’s debts continues after the death of one spouse as well.

How long can I keep money in my sister’s account?

The company may allow you to keep the money in your sister’s account for a number of years – up to five years in some cases. You may choose this option, but you’ll still owe tax at the end of the five years on the lump sum you are paid.

When do I collect money from my sister’s estate?

If the beneficiary forms designate that the funds are to pass to your sister’s estate, you have to wait until after probate to collect the money, which will be divided according to the terms of your sister’s will after any outstanding debts owed by the estate are paid.

How can I collect from my Sister’s Life Insurance?

To collect life insurance proceeds and the money in a 401 (k) if you are the named beneficiary of your sister’s policies, you need to present a copy of her death certificate to the insurance company and the financial institution that holds the 401 (k).

The company may allow you to keep the money in your sister’s account for a number of years – up to five years in some cases. You may choose this option, but you’ll still owe tax at the end of the five years on the lump sum you are paid.

If the beneficiary forms designate that the funds are to pass to your sister’s estate, you have to wait until after probate to collect the money, which will be divided according to the terms of your sister’s will after any outstanding debts owed by the estate are paid.

What did people do for me when my sister died?

People stopped by with food, cookies, beer, flowers, cards, and hugs. An invisible net pulled tight beneath us, lifting and holding us, keeping us safe and wrapping us in love I’d done nothing to earn and could never repay. 3. Your worst day can also be your best day It’s not something you ever want to do, lying in bed next to your dying sister.

To collect life insurance proceeds and the money in a 401 (k) if you are the named beneficiary of your sister’s policies, you need to present a copy of her death certificate to the insurance company and the financial institution that holds the 401 (k).

How does an estate close a bank account?

Closing the account is one of the last steps of the probate process, and usually can be accomplished without fuss. People sometimes die with uncashed checks in their possession, or with money owed to them, such as paychecks. The estate’s executor must open a bank account to accept and hold this money.

Why did my father make my sister owner of his bank account?

After nearly four months in probate I learned that Dad had accidentally made my sister an owner of his bank account, not just a signatory. The law firm we hired says this happens often and is usually corrected in the will or by the heir receiving the extra money. That never happened.

What happens to money left in bank account after death?

The executor has to use the funds in the account to pay any of the estate’s creditors and then distributes the money according to local inheritance laws. In most states, most or all of the money will go to the deceased’s spouse and children.

After nearly four months in probate I learned that Dad had accidentally made my sister an owner of his bank account, not just a signatory. The law firm we hired says this happens often and is usually corrected in the will or by the heir receiving the extra money. That never happened.

When did my mom die and the money go to my sister?

My mom died and my sister (a co-signor on the account) wrote checks to us ($70K each) to distribute the money. My mother passed away in July of 2016.

Closing the account is one of the last steps of the probate process, and usually can be accomplished without fuss. People sometimes die with uncashed checks in their possession, or with money owed to them, such as paychecks. The estate’s executor must open a bank account to accept and hold this money.

Why are there sibling problems after Mom’s death?

The division of assets can be thorny — especially all siblings do not receive equal amounts, according to estate attorney Michael Dribin, as cited in “Siblings Scorned” on the website Private Wealth 2. Arguments occur because you can equate the amount you receive with the amount of love your mother had for each of you.

What did my mother leave to my sister?

My mother who died last year left behind a trust with rental properties, cash and investment accounts to all of her three children in equal amounts. My sister was left as executor but immediately joined with another sister to start controlling our mother’s assets.

How did my sister take control of my mother?

My sister was left as executor but immediately joined with another sister to start controlling our mother’s assets. We have asked her to perform an inventory of our mom’s belongings, but she has refused and suggested she will keep my mother’s home and house possessions (which are mostly of sentimental value).

When did my mother pass away and how much money did she have?

My mom died and my sister (a co-signor on the account) wrote checks to us ($70K each) to distribute the money. My mother passed away in July of 2016. She had $220,000 in a checking account, and my sister was a co-signor on that checking account.

Why did my sister take over my mother’s estate?

Your sister appears to have overstepped her role as executor, and views it as a free license to do as she pleases, and lord it over the rest of you. She is beholden to the laws of her state where your mother died, and must act accordingly.

Why did my sister use my mother’s bank card?

Also, I have evidence that my mother’s bank card was used several times after her death. Your sister does not seem to have been transparent in her dealings with you. She may have acted to purposely defraud you, thinking you were out of the way, or else circumstances may have meant that things got out of control and now she can’t admit it.

How long can I Close my mom’s checking account?

It would be for limited time – 3-6 months but it saves a few bucks. Of course it depends on bank. This field is required. CORRECTION**Social Security now always pays one month behind just in case someone dies.

Why is my sister trying to con me out of my inheritance?

Your sister does not seem to have been transparent in her dealings with you. She may have acted to purposely defraud you, thinking you were out of the way, or else circumstances may have meant that things got out of control and now she can’t admit it. Or your mother may well have agreed, before she lost capacity, to these monthly outgoings.

How do I Close my parents’checking account?

Before the bank turns over the money, it will quite reasonably insist on proof that you have the right to it. There are several ways to produce such proof: If your parents named you, on the form provided by the bank, as the “payable-on-death” (POD) beneficiary of the account, it’s simple.

During Christmas 2012, my father told my sister and me that he had made my sister a signatory on his bank account so she could pay bills from his bank account when he died. He looked at us and said, “The rest gets split between you two.”

Is there a way to settle an estate peacefully?

Usually there is no intent to harm relationships, yet a seemingly innocent request from someone closely related to one of the heirs may cause pressure that eventually erupts into conflict. Rule # 1 – Only immediate heirs should be involved in the division process during the settlement of the estate.

Can a sister be the executor of an estate?

In the case of an estate, the primary job of the executor is to identify all of your mother’s assets, ascribe a value to them and carry out the provisions of the will (if there is one or, if not, then the specific state intestacy laws). If there is no will, your sister would be known as an administrator rather than an executor.

What happens to my sister if there is no will?

If there is no will, your sister would be known as an administrator rather than an executor. If there was no will, your mother’s estate would likely be divided up among her children equally. A trustee simply manages the trust. Don’t miss: Can I leave my stepchildren nothing if my husband dies?

What happens if there is no will or intestate succession?

If the asset had named beneficiaries as many life insurance and retirement accounts do, then it will pass to those people automatically. If you pass away and you have assets just in your name alone, without a will to say otherwise your estate will be subject to the laws of intestate succession.

What should I do if my mother dies without a will?

If your mother is alive – she needs to actively create legal documents in order for you to hold one of these roles. If she is not alive or not competent then you would apply through the court processes to help her or settle her estate. The question is: My wife passed away in a nursing home without a will. She has

Can a 66 year old woman claim a life insurance policy?

In 2013, the U.S. Supreme Court ruled in favor of a 66-year-old man’s ex-wife (rather than his widow) as the beneficiary of a life insurance policy worth over $124,000. In this case, he may not have wanted his ex-wife, who he divorced 10 years before his death, to claim his life insurance policy.

What happens to a life insurance policy if no one dies?

The deceased’s estate would take the proceeds only if none of the policy’s beneficiaries are living. It’s possible for an insurer to refuse to pay out benefits under some circumstances, but generally only if the policy provides for it.

Why does my sister think she is entitled to my inheritance?

Your sister may feel you left her to look after your mother and that she is entitled to the money. This does not, of course, excuse her behaviour, but it might explain her mindset.

Why does my sister not pay me back?

Maybe she did intend to pay you back when she said she would – ¯\_ (ツ)_/¯ – but now she has something she didn’t even know she wanted: Your attention. Your energy. You, right back in the middle of family drama.

What should I do if my Sister owes me money?

a) Make a Plan B for how you’re going to get by without the money she owes you. Whatever energy you are spending on chasing her for the funds, redirect most of it into that, whether it’s picking up a part-time job or seriously reworking your budget. b) Send one more email to your sister, cc: your parents.

What happens when one sibling has a lot of money?

“Ironically, if you come from a poorer family, and particularly among racial minorities — Latinos and blacks — there is an expectation that the wealthier sibling will help out the family and, specifically the less well-off sibling.” He says this helps poor families get by, but it also restrains the richer sibling’s upward mobility.

Your sister may feel you left her to look after your mother and that she is entitled to the money. This does not, of course, excuse her behaviour, but it might explain her mindset.

What happens when a sibling loses a parent?

The death of a parent is a difficult time, and this tremendous loss can deepen rifts and cause problems among siblings. Money often rears its ugly head as an issue.

People stopped by with food, cookies, beer, flowers, cards, and hugs. An invisible net pulled tight beneath us, lifting and holding us, keeping us safe and wrapping us in love I’d done nothing to earn and could never repay. 3. Your worst day can also be your best day It’s not something you ever want to do, lying in bed next to your dying sister.

What did I tell my sister when her aunt died?

Job number one was to explain to her that her beloved aunt was dead. No easy feat. I can barely remember it. I came up with a nonsensical story of her now being an angel, and a star in the sky and that whenever the sky was pink in the morning, it meant she was saying hello.

Can you take money out of an account after death?

If you’re the other named account holder you can simply access the money as you would in a standard situation, since you have equal rights to the money. If you wish to have the deceased individual’s name removed from the account, this is simple to do with a death certificate.

What did my sister do before she passed away?

My mom worked as a pharmacist, but she is one of the best storytellers I know. My sister is a gospel and opera singer and my brother, who passed away, was a writer. Votes: 1

How to express sympathy for the loss of a sister?

40 Best Sympathy Messages for Loss of Sister • Your family, as well as yourself, are in my heart and in my thoughts. My sincere condolences on the passing of your… • There’ll never be anyone quite like your sister. Our most sincere condolences to you and your family. • Your sister was one of the

What happens to my brother’s assets if he dies?

Your brother’s assets will be inherited by his siblings, but his parents (if living) have the use of the assets during their lifetimes. There is not much detail in you message about assets and liabilities.

Is there a funeral poem for my Sister?

This funeral poem for sister describes the emotions you feel while grieving her loss, but it also ends with a promise to remember her forever. This poem would be a wonderful way to honour your sister’s memory at a funeral or memorial service.

What to do if your sister is claiming assets as her own?

Unless your sister is cooperative, you will need to seek resolution through the courts and legal system. Speak to your sister and tell her that she cannot simply claim assets as her own because she is executor. Seek legal advice, in the meantime.

When did my sister put her mother into a home?

There were various monthly outgoings to my sister and her daughter and a shortfall of £44,000 from the house sale, which seems unaccounted for. My sister put my mother, who had dementia by then, into a home in about March 2012, but money was still coming out of her account as well (not just for the home fees).

Also, I have evidence that my mother’s bank card was used several times after her death. Your sister does not seem to have been transparent in her dealings with you. She may have acted to purposely defraud you, thinking you were out of the way, or else circumstances may have meant that things got out of control and now she can’t admit it.

How much money was stolen in Gold bucket heist?

It wasn’t until hours later, back in his bedroom in New Jersey, that Nivelo realized the sheer fortune he’d stolen: more than $1.6 million in gold. Uber Driver Killed by Alleged Drunk Driver

Can a family member steal money from an inheritance?

You might assume that your will or estate plan ensures that your money will go to your intended heirs. But inheritance theft is an insidious and underreported problem that can cost families dearly. And since inheritance thieves are usually family members, the fallout often is not only about money, but also family ties.

What to do if your sibling is stealing from your estate?

You should consider a trust litigation attorney the moment you suspect a brother or sister is stealing your inheritance or assets from the estate. Often a trust attorney can quickly begin communications with the suspected sibling and/or their attorney, and resolve the theft quickly.

How is family trust embezzlement and stealing common?

Family trust embezzlement and stealing is more common than you might think. At RMO Lawyers, we investigate, prosecute and defend these claims every day. What is family trust embezzlement? Embezzlement is a form of theft, and it is a crime.

What to do if a trust is stealing money?

If trust beneficiaries feel that the trustee is stealing funds, they should ask the trustee to account (report on what they’ve done with trust assets). If through the accounting, or otherwise, beneficiaries learn that a trust stole money, they can charge the trustee with breaching their fiduciary duty and have them removed and surcharged.

How much money did my sister steal from my mother?

We are talking about $20,000 or so in cash and about $15,000 or so in personal property. Mother and I went to the lawyer who had drawn up the POA I had from last year today and had a new one drawn up. Mother revoked sisters POA a month ago.

You should consider a trust litigation attorney the moment you suspect a brother or sister is stealing your inheritance or assets from the estate. Often a trust attorney can quickly begin communications with the suspected sibling and/or their attorney, and resolve the theft quickly.

How did my sister use her POA to steal?

She got POA, filed suit to get hold of the money in the trust. The lawyer conspired to help her do this by giving her a POA that included being able to testify and give a deposition. I would love to go after the lawyer, but I hate legal stuff.. court. etc. This question has been closed for answers.

Who are the people who have two moneyed siblings?

Sandra*, who has two friends with ultra-wealthy siblings, can’t understand why the moneyed sibs don’t just share a little with her friends. ” [My friends] think it’s normal.

Can a debt collector collect from a surviving relative?

In fact, the rights of surviving relatives are covered by the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you. Under the FDCPA, which is enforced by the FTC, a debt collector is someone who regularly collects debts owed to others.

Do you have to pay the debts of a deceased relative?

You usually don’t have a legal obligation to pay the debts of a deceased relative who was not your spouse. Even a spouse’s obligation to pay may be limited under state probate law. To determine whether you’re legally obligated to pay, talk to an attorney who is knowledgeable about this area of the law.

In fact, the rights of surviving relatives are covered by the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you. Under the FDCPA, which is enforced by the FTC, a debt collector is someone who regularly collects debts owed to others.

What happens if I give my Daughter$ 210, 000?

So let’s say that in 2018 you gift $210,000 to your daughter. This gift is $185,000 over the annual gift exclusion. That means you will need to report it to the IRS. However, you won’t immediately have to pay tax on that gift. Instead, the IRS deducts that $185,000 from your lifetime gift tax exemption.

You usually don’t have a legal obligation to pay the debts of a deceased relative who was not your spouse. Even a spouse’s obligation to pay may be limited under state probate law. To determine whether you’re legally obligated to pay, talk to an attorney who is knowledgeable about this area of the law.

What happens to my mother’s joint savings account?

She is going into a nursing home and will soon deplete her savings. Is half of the money in the account considered mine since my name is on the account? Will I lose my half of the money in the account in order for her to qualify for Medicaid? This question has been closed for answers. Ask a New Question.

Why do I put my money in my mother’s account?

I don’t put any of my money into her accounts, so all the money is hers. I keep mine in an account with only my name on it. This separates and protects my money from claims to cover her debts, while giving me the ability to do her banking and pay her bills.

How much money does my mom have in joint account?

My Mom’s 98, and it looks as thought she’ll be going in a nurse home soon. She has about $20,000 in a joint account, with me. However, it’s her money, deposited by Soc. Sec. and her small pension. So, if she does go in a nurse home, I don’t think her SS and pension will cover the cost.

She is going into a nursing home and will soon deplete her savings. Is half of the money in the account considered mine since my name is on the account? Will I lose my half of the money in the account in order for her to qualify for Medicaid? This question has been closed for answers. Ask a New Question.

I don’t put any of my money into her accounts, so all the money is hers. I keep mine in an account with only my name on it. This separates and protects my money from claims to cover her debts, while giving me the ability to do her banking and pay her bills.