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Always make sure a beneficiary is aware they have been named, and know who is holding those funds is. The holder of the funds may make no effort to track down your beneficiary(ies) upon your death, and may not even be aware of your death.
I was appointed successor administrator for the estate of a deceased family member several years ago. I was aware of this person's Traditional IRA held at a bank, but upon providing that bank with death certificate and Letter of Administration from the Probate Court, I later received a phone call from a representative of the bank, stating the account had a named beneficiary who has not com forward, so the account is not part of the estate. Click.
As I had no idea who the beneficiary was, there was nothing more I could do. The funds eventually ended up in the State Unclaimed Money Fund, so Upon noticing that recently, I've submitted a claim to release the funds to me. Still waiting on a response. If the State will not release the funds to me, I see no opportunity for anyone else still living to obtain them, either.
So save your successors a lot of grief and possible lost inheritance, by making sure they are informed.
Interesting, but I would never leave anything to someone who was so far removed from me (either geographically or emotionally) that they wouldn't know when I died.
I have named heirs in my will that probably have no idea that they are heirs. When I die, I hope they say "So soon" rather than think "Still?" whilst I am alive.
Always make sure a beneficiary is aware they have been named, and know who is holding those funds is. The holder of the funds may make no effort to track down your beneficiary(ies) upon your death, and may not even be aware of your death.
I was appointed successor administrator for the estate of a deceased family member several years ago. I was aware of this person's Traditional IRA held at a bank, but upon providing that bank with death certificate and Letter of Administration from the Probate Court, I later received a phone call from a representative of the bank, stating the account had a named beneficiary who has not com forward, so the account is not part of the estate. Click.
As I had no idea who the beneficiary was, there was nothing more I could do. The funds eventually ended up in the State Unclaimed Money Fund, so Upon noticing that recently, I've submitted a claim to release the funds to me. Still waiting on a response. If the State will not release the funds to me, I see no opportunity for anyone else still living to obtain them, either.
So save your successors a lot of grief and possible lost inheritance, by making sure they are informed.
It could have been a friend who had died before them? So they couldn’t come forward?
Hopefully you get the money.
In the case of OP - she wants to leave money to close relatives - I am sure they would know if their aunt died.
In addition, one could spell out everything in the will?
Everyone should have a pour over will
Interesting, but I would never leave anything to someone who was so far removed from me (either geographically or emotionally) that they wouldn't know when I died.
I have named heirs in my will that probably have no idea that they are heirs. When I die, I hope they say "So soon" rather than think "Still?" whilst I am alive.
In the case I posted about, I believe everyone with a possible tie was aware of the death, but either the beneficiary didn't know they had been named as such, or the beneficiary predeceased him, and the designation was never updated.
Always make sure a beneficiary is aware they have been named, and know who is holding those funds is. The holder of the funds may make no effort to track down your beneficiary(ies) upon your death, and may not even be aware of your death.
I was appointed successor administrator for the estate of a deceased family member several years ago. I was aware of this person's Traditional IRA held at a bank, but upon providing that bank with death certificate and Letter of Administration from the Probate Court, I later received a phone call from a representative of the bank, stating the account had a named beneficiary who has not com forward, so the account is not part of the estate. Click.
As I had no idea who the beneficiary was, there was nothing more I could do. The funds eventually ended up in the State Unclaimed Money Fund, so Upon noticing that recently, I've submitted a claim to release the funds to me. Still waiting on a response. If the State will not release the funds to me, I see no opportunity for anyone else still living to obtain them, either.
So save your successors a lot of grief and possible lost inheritance, by making sure they are informed.
You could stick a post-it note on your will: I’ve got an IRA at Fidelity and Junie Sue is the beneficiary.
Or, write out some basic info and keep it with your will: your bank accounts, your investment accounts, life insurance, beneficiaries, safe deposit boxes, where to find passwords and PINs, etc. that’s what I did. Review it every six months or so.
Always make sure a beneficiary is aware they have been named, and know who is holding those funds is. The holder of the funds may make no effort to track down your beneficiary(ies) upon your death, and may not even be aware of your death.
I was appointed successor administrator for the estate of a deceased family member several years ago. I was aware of this person's Traditional IRA held at a bank, but upon providing that bank with death certificate and Letter of Administration from the Probate Court, I later received a phone call from a representative of the bank, stating the account had a named beneficiary who has not com forward, so the account is not part of the estate. Click.
As I had no idea who the beneficiary was, there was nothing more I could do. The funds eventually ended up in the State Unclaimed Money Fund, so Upon noticing that recently, I've submitted a claim to release the funds to me. Still waiting on a response. If the State will not release the funds to me, I see no opportunity for anyone else still living to obtain them, either.
So save your successors a lot of grief and possible lost inheritance, by making sure they are informed.
Are you aware of any possible names that you could run thru the Unclaimed website and see if anyone matches an available fund ?
Always make sure a beneficiary is aware they have been named, and know who is holding those funds is. The holder of the funds may make no effort to track down your beneficiary(ies) upon your death, and may not even be aware of your death.
I was appointed successor administrator for the estate of a deceased family member several years ago. I was aware of this person's Traditional IRA held at a bank, but upon providing that bank with death certificate and Letter of Administration from the Probate Court, I later received a phone call from a representative of the bank, stating the account had a named beneficiary who has not com forward, so the account is not part of the estate. Click.
As I had no idea who the beneficiary was, there was nothing more I could do. The funds eventually ended up in the State Unclaimed Money Fund, so Upon noticing that recently, I've submitted a claim to release the funds to me. Still waiting on a response. If the State will not release the funds to me, I see no opportunity for anyone else still living to obtain them, either.
So save your successors a lot of grief and possible lost inheritance, by making sure they are informed.
I find it hard to believe you could not find out who the beneficiary was, especially as the administrator for the decedent’s estate. I would have gotten a lawyer.
OK, so is there a chance the State will at least tell you, as the estate executor, the name of the beneficiary so you can advise them to make a claim?
The account has been dissolved, and the funds turned over to the State's Unclaimed Money Fund. To put it another way, the account no longer exists, only the funds that were in it.
As long as the funds were held in the account at the bank, and there is a beneficiary named, the estate has no claim to those funds, as they would be disbursed directly to the beneficiary independent of the estate, and such funds would also not be listed in the inventory of the estate. Now that those funds from that now-closed account of the deceased are in the custodianship of the State, it becomes something of a free-for-all, where anybody who can prove a relationship to the deceased can file a claim to be considered a rightful heir to the funds.
We're not talking about a huge sum of money here. but it would be nice to get ahold of that from a family relationship perspective, as well the administrator of the estate.
My niece and stepdaughter are on my iras and other financials and I didn't have their SS numbers. Or their middle names. I did have their dates of birth. Also, I only have one niece of that name and one stepdaughter. They might have to be tracked down, but it would be easy enough to show who their parents were and the relation to me.
This is good to know. Thanks.
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