My Dad passed away (out of state) Now what?
Hi Terry,
My Dad passed away leaving a trust for my sister and I.
He lived in California and we are in Illinois.
We are waiting for a death certificate so we can meet with whoever it is to get everything done as per the trust.
As you can see I don’t know where to start.
He has a couple bank accounts, 3 properties (in CA) – one being a section 8 rental. The other two have his current girlfriend and the other an ex-girlfriend living in them and are able to live there until their passing.
We will be receiving a large sum of money as well.
I don’t know what I need or what I should be doing if anything.
Please advise as I am clueless at this point and I don’t want to be taken advantage of either.
Thank you,
Terry Says
OK, this is definitely complicated. Did he leave a will that created a trust for you at his death? Or did he have a Revocable Living Trust into which he put all his bank accounts and property?
I know that’s “greek” to you, but it makes a difference!
Can you find the lawyer who created his documentation for the estate plan? Likely a California lawyer. That person will guide you through probate — the process of changing title to assets that were NOT named in a revocable living trust. If those assets were not inside a RLT, they will have to go through the court process of probate. So that’s where to start on the legal front.
There are a lot of details that need explaining. Do the girlfriends living in the properties have to pay rent to the estate? If so, the estate may be “open” for a long time. A lawyer could help you settle with them or create a mortgage loan for them. If the properties aren’t worth very much, you might want to disclaim ownership and let the “exes” have those two properties because depending on their ages, this could be a long-running soap opera!
If you don’t have an attorney out there, ask a bank vice president in the bank where he has accounts for a recommendation for a good estate planning and probate attorney. Save some money for fees, because they could be substantial.
You say you will be receiving a large sum of money as well. Have that money deposited in a bank money market account, paying little interest but insured. And then write back and I will point you in the right direction. But it could take months if the money wasn’t in an account named in a Revocable Living trust.
