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My mother recently passed away leaving behind a checking,

My mother recently passed...

My mother recently passed away leaving behind a checking, savings, a CD and two IRA accounts. I am signatory on the savings & checking not sure about the others. I am an only child and named as sole heir in the will. Value of all aprox. 60K. What do I do?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Virginia

Lawyer's Assistant: What documents or supporting evidence do you have?

The will

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My name is ***** ***** checks. There are no outstanding debts, house or cars.

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Answered in 5 minutes by:
3/14/2018
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,017
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

Did your mother have a written will?

.

Are you named as the executor in the will?

.

Have you filed a formal probate case to settle her estate?

.

.

thanks

Barrister

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Customer reply replied 5 months ago
she had a written will. I am not named as executor, it was made when I was young names my father as first beneficiary (he passed 30 years ago) and then me as beneficiary. I have not filed any sort of probate.
Customer reply replied 5 months ago
I have paid some residual medical bills out of the account since she passed.

Ok, there is a limit in VA for a small estate that will allow you to avoid probate...but it has to be under $50,000..

.

So how much are the IRAs worth? and are you the named beneficiary on those accounts?

.

And are you listed on the savings and checking as a joint account holder?

.

What about the CD?

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Customer reply replied 5 months ago
the IRA's are worth 9K. I am not sure if I am named as beneficiary but if naming a beneficiary is a requirement then yes it would be me, I was beneficiary on the life insurance and annuity account. I am listed on the checking for sure and have access to the savings through online banking. My mother suffered from dementia and I have been paying her bills for years, also had her power of attorney. I don't know about the CD's but same answer, if a requirement it would be me. Everything added together is more than $50K

Ok, all IRAs have a named beneficiary. So if that is you, that takes 9K out of the estate because IRAs are not part of an estate and pass directly to the beneficiary. Life insurance the same way.. and the annuity the same.. So none of that would be in her estate.

.

So if you are on the checking as a joint owner, you became sole owner instantly when she passed. If you aren't on the savings, you might want to consider transferring it all to the checking to get it into an account that you now own.

.

That leaved the CD... if you are the named beneficiary on it, then you can simply cash it in and not even have to file any type of probate case.

.

If not, you could avoid a full probate case by filing a "small estate affidavit" with the probate court clerk and then that would allow you to cash in the CD and if there are no bills or debts, then that would settle the estate and make sure all assets are transferred to you.

..

.

thanks

Barrister

Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,017
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified
Barrister and 87 other Estate Law Specialists are ready to help you
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Customer reply replied 5 months ago
Thank you, ***** ***** been most helpful.

You are very welcome. Happy to help any time

.

Thank you very much for the positive rating and generous bonus, it is greatly appreciated!

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

.

.

Thanks much

Barrister

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