Inheritance/Estate questions

[lbhsbz]

Wife's Grandma passed back in Dec. She had dimentia and didn't trust anyone in the family so there is a fiduciary involved, who as I understand it, is the trustee and the person administering the will.

Evidently Grandma left 1/3 of her estate to the catholic church, which we're hearing is problematic as far as timelines go. The other 3rd to the wife, the other 3rd to our son.

She's just kinda been waiting to hear something. I say 6 months is probably a reasonable amount of time for shit to get done. How does this usually work?

 

[Ace in the Hole]

6-12 months can go a couple of years. I wouldn't pester but, reasonable follow ups and updates are to be expected.

 

[Rajobigguy]

I don’t know your specific details but if all grandma had was a will rather than a trust or specific beneficiary list then her estate will have to go through probate and that can easily take a year or two depending on how complicated the estate is.

 

[DWC]

It’s roughly a year to get anything done. The good news is that it’s a 3rd party so it should move a bit quicker. There’s also no emotIon so it’s a better deal all around. Toughest part is selling things vs liquid assets.
Sorry to hear about your grandmother. It’s a brutal disease.

 

[Mr. C]

6-12 months can go a couple of years. I wouldn't pester but, reasonable follow ups and updates are to be expected.

When my MIL passed a little over two years ago - dividing everything up between 4 kids took between 12-18 months.
and that was with no contesting anything - It was a family trust as well.

 

[Orange Juice]

Expect 1 year to get all the loose ends cinched.

 

[wzuber]

I guess it depends on the particular size and type of assets in the estate and how they are to be dissolved? If there is a bunch of assets and R.E. it can take a while depending on how the assets/properties are being prepped for sale, marketed and sold etc. The whole church aspect I have no idea how they effect the process.
I was the trustee of my parents estate and I was able to dissolve it in 10 months. They had a good trust set up which made it very helpful/easy'r. The banks were a little difficult initially until we satisfied their requirements with the proper documents etc. Prepping the properties (2) for sale, 3-cars, 1 moho., 1 boat (donated to the scsc racing club), and some stocks. It was a pretty full time job for me between doing the r.e. repairs and dragging my lazy ass brother along. He wasn't getting "his" w/o putting in some sweat equity. haha
I would request regular updates and accounting (monthly) from the fiduciary with a specific plan and timeline of how and when the assets will be dissolved and distributed. There is 66.6% of the estate (less their fees of course) that you are entitled to.

 

[zbudman]

Depends on if she had a Will or a Living Trust. A Will has to be Probated through the court. A Living Trust kicks in at time of death and the assets can immediately be dispersed according to her wishes and carried out by the Executor. Wills take time. Trust are the best way to go. In my experience with them.

 

[ChumpChange]

It’s roughly a year to get anything done. The good news is that it’s a 3rd party so it should move a bit quicker. There’s also no emotIon so it’s a better deal all around. Toughest part is selling things vs liquid assets.
Sorry to hear about your grandmother. It’s a brutal disease.

Depending on who the third-party is they need to bill enough hours before settling.

 

[lbhsbz]

Depending on who the third-party is they need to bill enough hours before settling.

Bingo

 

[DWC]

Depending on who the third-party is they need to bill enough hours before settling.

Unfortunately, very true. Still probably better than a family member that holds a grudge managing the whole thing. . I was the executor for my grandparents estate in my mid-20’s. After one too many drunk calls from family members i dropped anchor. They didn’t get paid out for awhile.

 

[2Driver]

This fiduciary acting as the trustee should have had a meeting with you to go over the whole thing, timeline, assets, life insurance policies, mechanics of it all. If they haven’t, Id sure be demanding one.

Is it the an attorney or just the fiduciary where she had here wealth management? Usually brokers partner with another firm to handle this stuff or have a sizable trust department. You should know the fees. Usually they are a % not an hourly billable like a lawyer, unless it’s going to probate then it may be both. Either way you need to be able to account for their accuracy and competence. Id want to know the plan.

You need to find out if everything was in trust or not, or maybe some was and some wasn’t. Big difference on how things will go.

 

[Mr. C]

Unfortunately, very true. Still probably better than a family member that holds a grudge managing the whole thing. . I was the executor for my grandparents estate in my mid-20’s. After one too many drunk calls from family members i dropped anchor. They didn’t get paid out for awhile.

It will always amaze me how money (no matter the amount) will F up a family. I find it terribly sad.

 

[hman442]

It will always amaze me how money (no matter the amount) will F up a family. I find it terribly sad.

Almost a guarantee on that one

 

[Roaddawg]

It will always amaze me how money (no matter the amount) will F up a family. I find it terribly sad.

So true. My uncle threatened to kill my family and his other brothers family all over money. My Dad and other Uncle haven't spoken to him in over 20 years.

 

[DWC]

Unfortunately, very true. Still probably better than a family member that holds a grudge managing the whole thing. . I was the executor for my grandparents estate in my mid-20’s. After one too many drunk calls from family members i dropped anchor. They didn’t get paid out for awhile.

It will always amaze me how money (no matter the amount) will F up a family. I find it terribly sad.

No doubt. Completely tore the family apart. Crazy part was, the will said split everything 1/3, law said split it 1/3, I didn’t have a say on any decision. Got my first call from an uncle the night of my grandfather’s funeral asking where his money was. My grandfather saved every penny he made. Used to try to spend less than $20 a week in his later years. His kids blew every penny in a couple years on depreciating crap.
I tell my kids I’m gonna help them out by blowing every penny before I’m gone.

 

[rivermobster]

Wife's Grandma passed back in Dec. She had dimentia and didn't trust anyone in the family so there is a fiduciary involved, who as I understand it, is the trustee and the person administering the will.

Evidently Grandma left 1/3 of her estate to the catholic church, which we're hearing is problematic as far as timelines go. The other 3rd to the wife, the other 3rd to our son.

She's just kinda been waiting to hear something. I say 6 months is probably a reasonable amount of time for shit to get done. How does this usually work?

What state?

 

[Tank]

Going through this right now.

Like stated above m, if she only had a will you have to go through probate and it will take MINIMUM of a year but more likely two years. If she had a solid trust in place, considering the church angle and split 3 ways, it’s still going to take a year. Shit, things usually don’t even get rolling for the first 120 days while notices are sent out per law for contestation.

The one I’m in the middle of is pretty simple. Trust in place. It’s been 8 months and has cost 16k so far and we’re still not done.

Whatever your expectations on time and ease of process are, throw that shit out the window. Buckle down for double time you expect and add frustration in there as well.

My suggestion is, since you’re not directly involved and only named as an inharatent, just let the trustee work shit out and wait to be notified…..in a year.

Good luck.

 

[zbudman]

In California a Living Trust kicks in when all parties are deceased. There is no waiting period and no courts involved. The Executor can start dispersing assets right away. In fact, by law, they have to perform their duties with out delay. Living Trust is well worth the up front money.

 

[Flatsix66]

When someone dies:​

Step 1: Figure out who will be the estate representative.​

Step 2: As estate representative, start gathering information and fulfilling your duties.​

Step 3: Figure out who the heirs and beneficiaries are.​

Step 4: Identify and make an inventory of the decedent’s property.​

Step 5: Figure out the best transfer process for the assets.​

 

[C_J_J_C]

So many questions....
Do your wife and son get along?
What state?
Trust or will?
Most important - Is anyone contesting or left out? AKA does your wife have siblings?

In my experience in California twice and Arizona once your wife and son should have met with the trustee/administrator in person within days of her passing and should be receiving regular updates.

Also, if you are a benificiary of the trust you have the right to a copy of the trust so your wife should have a copy.

Lastly - 1/3 to the church?
Unless she was a 2x a week for 50 years type I would be requesting a meeting with the attorney who wrote the trust and possibly even contesting the trust if it was written anywhere near when she was diagnosed and definitely be contesting if it was after.

 

[lbhsbz]

What state?

CA

 

[TBulger]

Covid really extended everything, Ca way behind. Judges are overloaded and everything way behind, you should be fine.

 

[rivermobster]

CA

In your first post you said it's a will? If so, it has to got through probate. You're looking at about 2 years, at least.

Probate costs are Fixed in CA, so they (the lawyers) can only rape the estate so much.

Probate Court Cost How Much In California!?

In California probate is particularly expensive. The main reason is because of the attorney fees and the executor fees.

bridgetmackaylaw.com

After it's all said and done, there might not be a lot left. So find something else to do to pass the time.

Keep an eye on it, but don't get too caught up in it. It's gonna be awhile.

(I've been part of 2 probates so far)

 

[lbhsbz]

In your first post you said it's a will? If so, it has to got through probate. You're looking at about 2 years, at least.

Probate costs are Fixed in CA, so they (the lawyers) can only rape the estate so much.

Probate Court Cost How Much In California!?

In California probate is particularly expensive. The main reason is because of the attorney fees and the executor fees.

bridgetmackaylaw.com

After it's all said and done, there might not be a lot left. So find something else to do to pass the time.

Keep an eye on it, but don't get too caught up in it. It's gonna be awhile.

(I've been part of 2 probates so far)

Nobody tells me anything, and it’s not my money nor do I really want to get involved…was just curious.

 

[Tank]

Nobody tells me anything, and it’s not my money nor do I really want to get involved…was just curious.

Best stance to take right there. I’ve been involved in two. First one, a bunch of years ago my god mother supposedly left me a nice chunk in her will but the person in control of the will was like “fuck that guy” luckily someone got ahold of me like a year later and explained the money was in a Checkin account and I was named on the account and the money was mine but the trustee was waiting for me not to claim so they could take it (even though they never made notification). I was SUPER skeptical and drug my feet. But the family friend insisted over and over and would call me etc. finally, Since my name was on the account, walked into the bank and withdrew 150k. Lol. Byyyyyye. Never even spoke to the trustee. Kicked the family friend down some cash for the heads up. I waited a long time ti hear anything. Never did.

I guess My point is, low expectations with this stuff will help your sanity. I take the stance of - I ’m fine, with my situation and lifestyle. Healthy and happy family is what’s important. If it happens (getting an inheritance) awesome, if not, that’s fine too. I found the “whatever happens, happens” stance way better for my sanity.

 

[boatnam2]

Its sad there is still on an older generation left who leave their money to the croaks, i mean church. My grandma use to send 25% percent of er pay to Oral roberts to get me to heaven and who knows how much she left him. Other sad thing is that generation and even younger ones knows nothing a irrevocable trust.

 

[farmo83]

No doubt. Completely tore the family apart. Crazy part was, the will said split everything 1/3, law said split it 1/3, I didn’t have a say on any decision. Got my first call from an uncle the night of my grandfather’s funeral asking where his money was. My grandfather saved every penny he made. Used to try to spend less than $20 a week in his later years. His kids blew every penny in a couple years on depreciating crap.
I tell my kids I’m gonna help them out by blowing every penny before I’m gone.

One of the wisest men I have ever known told me when I was in college I think " When it comes to death, it's not about money , it's ALL about the money"

Also in college I remember in a finance class somone asked about estate planning the professor's response was "make sure you're last check bounces."

 

[Tank]

Its sad there is still on an older generation left who leave their money to the croaks, i mean church. My grandma use to send 25% percent of er pay to Oral roberts to get me to heaven and who knows how much she left him. Other sad thing is that generation and even younger ones knows nothing a irrevocable trust.

My parents had family friends that had a LOT of money. 10 ocean front homes in Malibu. A bunch in pacific palisades, land in the Malibu hills…like crazy money. The husband died and the wife was getting very old (in her 90’s) and a cleaning lady ended up stealing around 500k in cash and jewelry. My dad was a detective for LASD at the time and being good at his job worked on his own time and tracked this bitch down to Texas and snatched her up for almost all the money and jewelry back. It was a Big Fuckin deal. She died like 4 years later,
Left million ls to…..the humane society.

My godmother (that left me the 150k) was really good friends with the owners of Gulls Way, the mansion on PCH that was in the opening scene of hard castle and mecormick tv show. BIg BIG money. She had decent amount of money herself but helped them out when they got older as they were long time friends. When they died they left all their money tooooooo…..Pepperdine university.

Fuckin people. Lol. I mean I’m cool with people doing what they want with their money but a little consideration for those around you that helped you out in the time of need would be cool. But that mentality of “meh, fuck em” seems to be an old school mentality lol

 

[caribbean20]

Don’t wait to hear something, dial up the trustee and get a status update. The trustee, after six months, should have a schedule of assets, net of liabilities, and expected distributions to the beneficiaries.

It’s really not that hard, even for assets that are subject to the will and didn’t have stated beneficiaries. The trustee can even make a partial distribution of assets that aren’t subject to probate.

I just did this for two estates, our parents, wife and me were executors on both.