Legal Question in Wills and Trusts in Massachusetts
Shelli-Rose McNamara November 22 at 7:04pm
Ok, so my father doesn't have much in his estate but he does have a house that he still owes on a couple of trucks and a boat that he left to my brother that isn't worth much. We had his girlfriend's position as executrix removed because we were afraid she was going to sell the house. We now have a new lawyer to serve as the executer but we haven't heard from him yet.
We all agreed to get this lawyer because it was said to us that there was a pension and annuities fund that didn't have a beneficiary's name on it, so therefore since it would be considered residual, it goes to me me, Meghan, Chris. Supposedly, it is also considered part of the estate since it originally didn't have a benefactor's name. So we were told.
We then signed something stating that we all agreed to this lawyer and we would use this money to pay for things. We never saw kind of proof of this pension and annuities fund, by the way. Now my father's girlfriend is saying that I am the only one named as the benefactor. If I am named the benefactor than this fund is mine to decide where and what to spend it on. Correct? But now that we all signed something because we were TOLD that there wasn't a benefactor, how is this going to play out? What should I do if this is the case?
Also, are my sister's school loans part of the estate since my father was the cosigner even if she is now paying for it on her own?
Also, does my father's house need to be paid in full what's left on what he owes on it. What about his other house that he left to his girlfriend. Is that still part of the estate?
I hope this all makes sense. Thank you for offering your time to do this. Much appreciated
1 Answer from Attorneys
As a co-signor on your sister's school loans, the lender can make a claim against the estate but if the loans are being paid currently they may not make a claim.
If you are actually named a beneficiary of a retirement plan, it is unlikely that anything you signed will be binding on the retirement fund. However, without reading what you signed there is no way to give you a responsible answer.
As to his home, there may be a need to either refinance or sell the home after administration of the estate however this will be worked oout during the probate of the estate.
I suggest you ask the attorney you hired to confirm how he intends to handle these issues.
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