Ask Terry Questions Left over parents’ investments

Left over parents’ investments

By Terry Savage on July 13, 2019 | Wild Card

I thought everything was closed or divided between my brother and I but there are two things that are still in my father’s name and I am still receiving checks in his name, the paperwork they send me to correct this is overwhelming and confusing to me. Who should I contact to complete this process , for a fee I would presume. Thank you for your help.

Terry Says

That all depends on what assets are still in your father’s name — and how you and your brother were promised the assets in his will or estate plan.  The first thing you need to do is get copies of the death certificate, and copies of the page of the will (or revocable living trust) naming you as executor successor trustee, with the powers to distribute.  Did you use an attorney after his death to handle his estate?  That person should be able to get the info for you.  But you definitely need this to proceed.

Then contact the brokerage firm, or bank, or insurance company — whatever the institution — and send them the documentation.  If the lawyer had opened a checking account for the estate, that’s where the money should go. Then afterward you can distribute it.  This is not an issue of taxes, but it is an issue of legality.

DONT PROCRASTINATE.  Just work through the paperwork, and stay in touch with the company that sent you the documentation to make sure it all gets done.  Or contact the lawyer who helped with the estate.  And please write back and let me know what happens. I’ll be wondering!



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