Probate

Dear Len & Rosie,

My father passed away without a will. He had been married to his second wife for almost seven years. The house they lived in together belonged to his second wife long before they married, but my father had a retirement account and some other small assets. What happens to his assets now? Does everything go to his wife or are his three adult children entitled to anything? His wife has always been very nice, but this is an awkward subject and none of his children want to cause a problem.

Wendy
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Written by Len Tillem On Tagged , , ,

Inheritance for Minors

Dear Len & Rosie,

I am the custodian for a $55,000 UTMA account for my 16-year-old daughter that was given to her by her now-deceased grandparents. My daughter is supposed to use it to pay for her education. But at this point in time, she wants to buy a Camero and move into an apartment on her own. And no doubt party till the cows come home.

I want to move as much of this money into an account that she cannot access when she turns 18. I've done some research and it appears that I can use the money for expenses such as education, camp, her car, medical expenses, and even general living expenses. My plan is to keep about $10,000 to reimburse myself for the car I bought her and her medical bills, and to put the rest into a savings account in my name to distribute to her as I feel appropriate.

Are there any time limits on how far in the past I can retrieve funds for reimbursement and stay within legal boundaries of the use of this fund?

Pat
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Written by Len Tillem On Tagged , , , ,