Legal Question in Wills and Trusts in New York
I found unclaimed funds that belong to my uncle,father brother. he had no children .wife died 10 years later with no knowledge of securties held by uncle. I was told that these securties can only be claimed by blood relative of my aunt estate. The money was orginally my uncles,we are his closest living relatives.
2 Answers from Attorneys
You have to follow the rules of distribution. On your uncle's death, the funds would have gone in accordance with the terms of his will, or if there was no will, by the rules of intestacy. Presumably the surviving spouse would have taken the funds. Thereafter, the funds are distributed pursuant to the will of the surviving spouse, or if there is no will, then by the rules intestacy. Depending on the size of the estate, a fiduciary will have to be appointed for both your uncle and his surviving spouse.
Whether by will or intestacy, it is likely that when your uncle died the securities passed to his surviving spouse. Thus, her estate is entitled to collect the assets.
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