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1) Again, thanks to Mathjack for this topic. Excellent.
If a child is specifically named to NOT inherit anything, it shouldn't matter whether there's a line about whether they pre-decease the parent.
the problem with disinheriting is the document with the disinheriting has to be perfect with all the t's crossed .
in our case predeceasing referred to the disinherited children's dad predeceasing his mother and never was alive after she died making the documents invalid .
well i can't talk about any situation other than what we ran in to .
my wife's deceased husband 's father wrote his estranged grand kids out by name. they were to get nothing .
so the kids grandpa says they get nothing .
so my wife's father in-law died and everything went to his wife with the instructions that when she dies everything goes to my wifes husband and his brother .
well before my wife's mother inlaw died , my wife's husband died . technically he never inherited anything after his father died because mom was alive .
well that document was missing what happens if my wife's husband died before his mom . the sentience pertaining to predeceasing was missing .
the court said there is a good chance the document is defective and may not be able to be used .
if that was the case then the court was going to go by my wifes deceased husbands will which said he wanted to provide equally for all his kids . so despite the fact it was grandpa's wish that those grand kids get nothing , if they go by their fathers will then they get a share .
lesson learned is these documents have to be complete and correct . the intentions can be clear as day but if there is anything wrong or missing the court can't re-write history or add missing words .
this is why simple beneficiaries can be the best way to transfer assets where you can . documents of all types are subject to correctness , wording and interpretation .
there are endless horror stories of trustees gifting money or taking money they shouldn't out of trusts .
the continuing saga :
so vanguard compiles statements quarterly . the problem is the new upgraded brokerage account is not on a statement yet .
jpm said they need the statements and not a screen shot of account balances but we can't get a statement until october .
so we were advised to call the acat dept at vanguard to see if we can get a letterhead showing all the new account info .
well vanguard had us on hold for over 1 hour and 10 minutes . we tried on 2 phones to get someone to answer. we just got a recording that says thank you for holding , all representatives are busy .
are they kidding with this service , it is unacceptable . we hung up 1 hour and 16 minutes later .
chase /jpm is trying to submit a work around by using the old statement and the letterhead that shows the transfer to the upgraded account and new number .
not sure if compliance will let it go through or not . other wise i will have to wait until october to move the account .
no one even picking up the phone an hour later is pathetic .
the continuing saga :
so vanguard compiles statements quarterly . the problem is the new upgraded brokerage account is not on a statement yet .
jpm said they need the statements and not a screen shot of account balances but we can't get a statement until october .
so we were advised to call the acat dept at vanguard to see if we can get a letterhead showing all the new account info .
well vanguard had us on hold for over 1 hour and 10 minutes . we tried on 2 phones to get someone to answer. we just got a recording that says thank you for holding , all representatives are busy .
are they kidding with this service , it is unacceptable . we hung up 1 hour and 16 minutes later .
chase /jpm is trying to submit a work around by using the old statement and the letterhead that shows the transfer to the upgraded account and new number .
not sure if compliance will let it go through or not . other wise i will have to wait until october to move the account .
no one even picking up the phone an hour later is pathetic .
Guess I would ask jpm why they can not use a screen shoot. I do not think the statement would leave jpm. The screenshot would tell them the securities to expect. As far as I can remember I did not need statements to move securities between brokers.
they said a screen shot is not considered a "legal " document for transfers . the account number at this stage does not appear on any statement yet . it is to new and that is the issue . in theory i can take someone else's account and put my name on a screen shot easy. a statement is a lot harder i guess . but they specifically said a snap shot is not a legal document for this purpose .
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digging a little bit now , i see it is on , acat transfers on the sec website . all brokerages need a statement .
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right from securities & exchange commission website under how to avoid delays of acat transfers ..
Review the Form Carefully
As you start filling in the transfer form, review the account statement from your old firm where your account is held. All firms require you to attach a copy of your most recent account statement to the transfer form.
Last edited by mathjak107; 08-29-2017 at 04:08 PM..
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but the funds cannot be gotten to by the executor until the will goes through probate court.
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I am settling my mother's estate and the easiest assets to distribute are the holdings at Fidelity. Since the accounts are TOD I just need to provide a certificate of death and make sure each beneficiary has the appropriate accounts to receive the transfer. No probate needed.
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