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RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 38863
Experience:  Texas lawyer for 30 years in Estate law
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I was adopted in Texas/1940's/parent/Mother died in 85' or

Customer Question

I was adopted in Texas/1940's/parent/Mother died in 85' or so left a will leaving a house in Garland , Texas to my first grandson who was the about 2 years old. Nothing else mentioned in will. No money left to them to pay taxes, insurance, etc. and no other mention of bank accounts, CD's/stocks and bonds/safety deposit box, etc. does this mean if a person makes a will but makes no mention of any other assets that the money is just lost?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.

Here the estate consists of any accounts, cds, stocks, etc. without a named beneficiary.

Most wills contain a residuary clause.A residuary clause is a provision in a Will that passes the residue of an estate to beneficiaries identified in the Will. For example, a testator could say: “I give all of the residue of my estate to my wife if she survives me. If my wife fails to survive me, I give all of the residue of my estate to my child or grand child..”

In that situation any other assets without beneficiaries pass through the estate and tot he named person in the residual clause.

Reference to that.

https://www.texaswillsandtrustslaw.com/2014/11/10/what-is-a-residuary-clause/

Probate lawyers in Sherman..

http://lawyers.findlaw.com/lawyer/firm/probate-estate-administration/sherman/texas

In this situation of there are no other assets the property may have to be sold and the child takes what is left after legal fees, etc are paid.Unfortunately if there are no other assets a sale is probably the only option.The court can appoint you personal representative and guardian for the child.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

Expert:  RayAnswers replied 1 year ago.

Once you are appointed here personal representative you can order her last tax return from IRS. It will have W-2 or 1090 from any bank accounts, stock, etc and you can check on those from there.

Expert:  RayAnswers replied 1 year ago.

You can order mothers prior return form IRS to check for accounts, assets and to then locate them.Anything that paid interest will have a 1099 or W-2 with account numbers.

Thanks again.