Dear Liz: My husband’s mother passed away in January. His younger sister was executor of the estate. His mother had investments of close to $1 million prior to 2008. She supposedly lost half her investments with the downturn. When she passed away, my husband’s sister said that there was nothing left in the estate. What documents can he ask to see in order to make sure the estate is totally depleted? There wasn’t even a will shown to him.
Answer: If your mother-in-law had a will, or if she died “intestate” — without any estate planning documents — the sister would be required to open a probate case to settle the estate. Probate proceedings are public so your husband would be able to see an accounting of what’s left.
If your mother-in-law had a living trust, the sister wouldn’t have to open a probate case but she may be required to provide trust documents and an accounting of the estate to beneficiaries and heirs. The exact rules depend on the state where your mother-in-law died.
If the sister balks at providing this information, your husband may need to take her to court. He’d be smart to consult an attorney familiar with the relevant state’s laws.
Today’s top story: Checking your credit doesn’t hurt your scores. Also in the news: Personal finance tips from NerdWallet moms, why you should prepare now for the death of a spouse, and the benefits of easing into a new savings budget.
Today’s top story: Ranking the cheapest cars to insure. Also in the news: Why you need to have a will, the financial perks of downsizing, and how much money you need to save monthly to reach your retirement goal.
