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Posted by Brian Tierney on February 27, 2008, 5:25 am
If someone dies and names one of their offspring The Executor of the Will
how do the siblings (and others) named in the will know if they are
receiving their percentage of the assets? For instance, if Mr. Johnson names
his oldest son The Executor and his youngest son is to receive %40, and
then, after death The Executor gives the youngest son a total of $75,000
indicating that the money came from stock and a life insurance policy,
furnishing a check, bank account, copy of the will and documentation
identifying the name of the stocks and insurance policy. It would seem that
Mr. Johnson probably had a checking/savings account along with some property
but it is -not- identified in the list of assets. How does the youngest son
find out what the -total- assets are?
Thank you,
Brian
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Posted by Dave Dodson on February 27, 2008, 8:57 am
> How does the youngest son
> find out what the -total- assets are?
This seems more like a legal question than financial planning. Try
asking at misc.legal.
Dave
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Posted by HW \"Skip\" Weldon on February 27, 2008, 9:22 am
On Wed, 27 Feb 2008 04:25:52 -0600, "Brian Tierney"
>If someone dies and names one of their offspring The Executor of the Will
>how do the siblings (and others) named in the will know if they are
>receiving their percentage of the assets?
Here's what I would do. Go to the County Courthouse for the county in
which the decedent lived. Since probate records are public
information, ask for the Probate Office. Once there, ask for a copy
of the probate records for the decedent in question.
While there is a bunch of mumbo jumbo, you should find something like
an estate inventory showing what the decedent owned and how it was
disbursed (one of the primary duties of the personal representative is
to inventory the estate and show how it was distributed.) This should
be available once the estate is closed.
Note: State rules may vary. The above applies to assets controlled by
the will. There may be other assets like life insurance, retirement
plans, joint-with-rights-of-survivorship, payable on death, etc. that
are controlled by beneficiary and other designations and are
non-probate property. Around here those non-probate assets are also
shown on the estate inventory, but your State may have other rules.
You are likely to face some photocopy costs, but should have the info
you wish.
-HW "Skip" Weldon
Columbia, SC
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Posted by rick++ on February 27, 2008, 9:41 am
In the US the Court oversees the asset search and distribution.
The Executor should file a report about both.
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Posted by Otis on February 28, 2008, 5:15 am
> It would seem that Mr. Johnson probably had a checking/savings account
> along with some property but it is -not- identified in the list of assets.
> How does the youngest son find out what the -total- assets are?
If Mr. Johnson lived in Wake County North Carolina you can search by name
for property he owned here:
http://aws1.co.wake.nc.us/realestate/search.asp
If he lived in Nye County Nevada you can search here:
http://asdb.co.nye.nv.us:1401/cgi-bin/asw100
Those are the only two counties I happen to know about. For all other
counties and states, you're on your own.
Also, you mentioned life insurance. The only way life insurance becomes part
of the estate, and therefore under the control of the executor, is if the
estate was named as the beneficiary, or if no one was named as beneficiary.
Otherwise it just goes to the named beneficiary and is not part of the
estate.
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