Legal Question in Wills and Trusts in New York
Do I need to file anything?
My father-in-law passed away. We cannot find a will. He does not own property - only a truck with no lien. He has a checking and savings account, both are joint with my husband (his only son) and my husband is beneficiary on those accounts. He also has a death benefit from his pension, again my husband is listed as beneficiary. He has no debt - only a couple outstanding utility bills.
My questions are:
if everything was left to my husband as beneficiary and there is no will - do we still need lawyer or court filings?
Do I have to account for the things that listed my husband as beneficiary - or are they ours to spend?
I think the only thing that is not handled by beneficiary is the 2005 ford pickup and some coins which are under $500 in value.
I understand that anything that lists a beneficiary falls outside of the estate, correct?
Also, he had a daughter by another marriage, but he signed over parental rights so that she could be adopted by her stepfather. Is she entitled to anything? Other than that, he has both parents and a brother living. Are they entitled to any of the money that is in the accounts with my husband listed as beneficiary or the coins or truck? Or is my husband the sole heir?
1 Answer from Attorneys
Re: Do I need to file anything?
Q. if everything was left to my husband as beneficiary and there is no will - do we still need lawyer or court filings?
A. Probably not.
Q. Do I have to account for the things that listed my husband as beneficiary - or are they ours to spend? I think the only thing that is not handled by beneficiary is the 2005 ford pickup and some coins which are under $500 in value.
A. I do not know what you mean by account. You may have to file a final tax return for the decedent. In which case, I would talk to an accountant. If you mean account as in terms of legal, you would have to account for the truck and coins.
Q. I understand that anything that lists a beneficiary falls outside of the estate, correct?
A. Almost, it falls outside the will and is transferred by operation of law. However, for tax purposes it still may be deemed an estate.
Q. Also, he had a daughter by another marriage, but he signed over parental rights so that she could be adopted by her stepfather. Is she entitled to anything?
A. Yes. 50% of the truck and coins, even if she was adopted.
Q. Other than that, he has both parents and a brother living. Are they entitled to any of the money that is in the accounts with my husband listed as beneficiary or the coins or truck? Or is my husband the sole heir?
A. The are entitled to neither.
Mike.
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