QUESTION
If my father died without a will and has a substantial amount of money in the bank, how do I gain access to the money?
Asked on May 29th, 2013 on Estate Planning - Delaware
26 ANSWERS
Thomas Edward Gates
If there is no real property (house) and the estate is less than $100,000, then you can access the bank account by affidavit. Otherwise, you will need to probate the estate.
Answered on May 30th, 2013 at 9:27 AM
Your father may have left the account titled as "Pay on Death" or "In Trust for", which would mean you could present an original death certificate and the bank would pass the money to the beneficiary named on file directly. However, if there are no beneficiaries named, you would have to initiate a probate administration (and depending upon the amount it may be a formal or summary administration) and the passing of the money would be controlled by the probate process. You really need to speak to an attorney and get advice on your particular situation, as there is more than just "getting the money" that you need to think about. If you apply for the money through a summary administration and there are creditors - you will become responsible for payment of your father's bills. I hope that this general information will be of some help to you, but it is not a substitute for true legal advice.
Answered on May 30th, 2013 at 9:27 AM
Open a probate and have yourself appointed the personal representative.
Answered on May 30th, 2013 at 9:26 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Seek the assistance of a probate lawyer. Depending on the size of the estate, the probate proceeding may be a short abbreviated process or a longer regular process, and if there are any her heirs other than yourself, or creditors who have claims against the estate such as last medical bills, etc.
Answered on May 29th, 2013 at 10:10 PM
You will need to probate his estate unless the account has beneficiaries upon death.
Answered on May 29th, 2013 at 10:09 PM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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You, or someone in your family, needs to file a petition for appointment as personal representative of his estate - probably in informal proceedings. It's probably best to contact an attorney with experience in probate matters to explain and guide you through the process.
Answered on May 29th, 2013 at 10:01 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You have to open a probate estate, notify all of the creditors and your brothers and sisters that the estate is open. Then you gather up his assets, hold them for a period of 4 months after the first notice to creditors is published, then pay the creditors. After that, you figure out the distribution to the heirs and split up whatever is left. You may want to consult with an attorney to make sure it is done properly.
Answered on May 29th, 2013 at 10:00 PM
You will need to petition the court to name someone as executor/personal representative of your father's estate. That person can access the money in the bank and, after paying off all of your father's debts, taxes, and any other outstanding espenses, will distribute the remainder to your father's heirs as determined by the laws of the state he resided in at the time of his death.
Answered on May 29th, 2013 at 10:00 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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First, check with the bank to see if anyone is named as a "payable on death" beneficiary of his accounts. If not, then you need to begin the administration of his estate with a petition to the Circuit Court. Do yourself a favor, hire a probate attorney to help with this process.
Answered on May 29th, 2013 at 9:53 PM
It depends upon who are the heirs besides you and what you mean by "substantial". Estates that are worth less than $150,000 can be distributed without a formal probate. All others without an estate plan must go through a court administered probate. You should consult? a probate attorney to review all of the facts and advise you.
Answered on May 29th, 2013 at 9:46 PM
2 Awards
You will have to file probate if over 150k. If less there are summary proceedings. Contact a lawyer.
Answered on May 29th, 2013 at 9:45 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends. Are you an heir? Was your father married at the time of his death? How much money are we talking about? How was the account held? Are there any beneficiaries listed on the account? If the account was in your father's name alone, some form of probate is likely needed. You should consult a probate attorney to determine how to proceed, based on the answers to these questions.
Answered on May 29th, 2013 at 9:43 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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I would file a petition a open a probate estate. If you have any questions, please contact me.
Answered on May 29th, 2013 at 9:43 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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If your father's total estate (not just at this bank) is more than $150,000, then you hire a lawyer and file a petition for probate. If less, and you are entitled to the money, then you take a 13150 affidavit and the death certificate to the bank. Most banks have the appropriate form. It must be at least 40 days after his death.
Answered on May 29th, 2013 at 9:41 PM
Neal Michael Rimer
Hire an attorney and open a probate proceeding. You would become the administrator of the estate and be authorized by the court to open a bank account; round up the assets; render an accounting; and then distribute the assets to the proper beneficiaries. As an administrator, you are paid a statutory fee for your work, which is the same calculated amount as the attorney will be paid.
Answered on May 29th, 2013 at 9:31 PM
Depending on the amount of his estate and whether there are other heirs governs what you may do. If there is a widow she is entitled to one-half of the estate and the children are entitled to share the other half equally. If there is no widow, then the children divide the estate equally per stripes. By that, it means if you had a sibling who predeceased your dad but has kids, then they step into heir dad's shoes for the purposes of inheritance. If the estate totals more than $100,000, then a probate estate must be opened in order to access the money. If less than $100,000 then a small estate affidavit can be prepared and presented to the bank in order to access the monies.
Answered on May 29th, 2013 at 9:27 PM
Bankruptcy Attorney serving Huntington Beach, CA
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Stuart A. McKenzie Attorney at Law
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Does substantial mean more than $150,000.00? If it is less than $150,000.00 you may use Probate Code Section 13100 to obtain the assets (otherwise known as a small estate affidavit). If it is more than $150,000.00 and in your fathers name alone you will probably need to initiate a probate proceeding.
Answered on May 29th, 2013 at 9:26 PM
4 Awards
You would have to file intestate in probate to get access to his funds. If you would like to discuss further, I welcome you to call.
Answered on May 29th, 2013 at 9:23 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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You would have to open his succession and have you (and any other legal heirs) placed into possession of the bank accounts.
Answered on May 29th, 2013 at 9:23 PM
The only way you can is to open your father's probate estate and administer the estate.
Answered on May 29th, 2013 at 9:22 PM
Employment Law Attorney serving Dana Point, CA
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Mains Law Office
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It depends on the amount of his estate. If you die without a will in California, your estate passes by intestate succession. If there is a spouse, there are rules for what is distributed to the spouse, the children etc. If the estate is valued at more than $150,000.00, you will need to open probate. If it is less, you need to wait 40 days and then file a small estate affidavit with the institution to gain access. You probably should speak with an attorney, such as myself, who practices in this area.
Answered on May 29th, 2013 at 9:21 PM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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Contact a probate attorney (in the county where your father lived) and ask about petitioning the court to open a probate estate.
Answered on May 29th, 2013 at 9:21 PM
Corporate Attorney serving Omaha, NE
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Govier, Katskee, Suing & Maxell, P.C., L.L.O.
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You or some member of your family will have to apply to the court to be appointed as the personal representative of your father's estate unless you are a named beneficiary of the bank accounts.
Answered on May 29th, 2013 at 9:20 PM
3 Awards
If the account has a beneficiary or a joint tenant that is who is entitled to gain access to the account and close it out. That might be you, it might not be you, or there may be no one named. If there is no joint tenant and no beneficiary named, than a probate proceeding is necessary. I suggest that you meet with an estate/probate attorney to address the specifics and options that may be available to you. Best of luck. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on May 29th, 2013 at 9:20 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If you have priority to open the Estate, or whoever does, needs to open the Estate.
Answered on May 29th, 2013 at 9:19 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You open an estate and seek to be his personal representative, see an attorney.
Answered on May 29th, 2013 at 9:19 PM