I don't understand what probate is?

[kwynn]

I may DD this because it's long and has a lot of personal detail in it.

I realize I need to figure some things out.

Everything of my husband's (and mine too for joint accounts) was just sitting at banks, but some stuff has started to be be transferred by my financial advisor when they hit a snag---one account, there is no beneficiary and I'm not listed as joint--I didn't realize this, we were really careful to do joint and beneficiaries on everything, but I guess we missed one. I actually didn't even realize this was a separate account until the company told me about it. I thought it was part of our Roths but really it was a separate little investment account.

The lady on the phone said I need to probate it so they can give it to my financial advisor. I honestly don't even know what that means except I should go to the county courthouse and talk to them? And that I might not have to do it if it's *just* this account and it's less than a certain amount?

How are you supposed to know all this stuff as a layperson?

I need an attorney--I don't know anyone or where to even start to look---is there an Angie's List type thing for attorneys?

Is the fee really high for this? Is it a flat fee or a percentage? The account isn't worth that much and I'm wondering if lawyer fees would eat it all up.

I thought we had everything in both our names but we both overlooked this one until notified by that bank.

Will I need a court date and stuff? Will I be able to do this from out of state or do I need to do it here? Was there supposed to be a time limit on it-I just was notified about this.

Thanks in advance for non-specific, non-legal advice. Just wanted to know if anyone's ever done this before, if I need an attorney, how to find a good one, what to expect, and is this going to be a huge mess?

[idahome]

You said it: you need an attorney. I would find my state bar association's website and see what attorneys they have listed with "probate" as a specialty. Call a few of those attorneys and see if they offer free consultations and schedule one. If your work has an EAP (employee assistance program) see if that program can help you find an attorney, get a free consultation, and then give you a discount if you go with one of their attorneys. Also, ask coworkers if they know of any attorneys/would recommend one who handles these kinds of issues.

Good luck!

[Deleted]

Probate is a division of the courts that handles accounts like this one. In my county/state, the cost of putting anything through probate is high. It will probably also be taxed at the estate tax rate.
I have opted not to have one of my late husbands accounts go through Probate. It is for just under $1000.00. Probate court costs are around that same amount + attorney fees. My DH now is an attorney. So even with the free attorney, it would be a wash. This money is sitting and I can't get it. However, I have just written it off.
How much is in the small account? it may not be worth it. I know that is not MM. However, I made so many decisions that were not MM while dealing with the financials after his death. However, 7 years later, I am ok with that.
I would find out how much it costs for a case through probate. You should be able to find that on a website or by calling the court. Then make a decision. It will take a long time for a date and the proceedings to happen. Keep in mind you will forfeit any money that is owed to anyone that finds out about the probate. i.e. back taxes, unpaid bills or your DH's..
hope that helps

[Deleted]

I would ask your FP for an estate atty rec and then ask that atty the exact questions you ask here. The initial consult should be free.

[hockeywife]

In NY there are ways w/o court involvement to collect accounts less than $30k. In some instances (stock certificates, for example), court involvement is still necessary, but not a full blow probate in the event the account is less than $30k.

If you can collect the account w/o Court involvement I would charge about $300 to prepare the necessary affidavit - maybe less if the account was really small. If Court involvement is necessary, the cost would go up to at least $1k, unfortunately.

Most estate attorneys in my area offer a free initial consultation, so that may hold true for your area. The best place to find an attorney is through recommendations, but if you dont have anyone (family, coworkers, etc) to ask, go to www.naela.com. All attorneys on that site are "certified" as elder law attorneys.

I know a lot of people who have successfully navigated the "small estate" process by themselves and it might be worthwhile going to the courthouse to see if a nice clerk will help find the forms you would need.

[kwynn]

I'm self-employed, so no EAP or employee discount or anything like that. No coworker recommendations either since I'm the only one that works here.

Shoot, this sounds like a total freaking mess.

I probably should have gotten an attorney when my husband died, but I didn't think I'd need one---the one I consulted with said, if everything was in both names or I was the beneficiary, I didn't need it. (Except for the car---but there was some kind of thing where I just had to bring a few papers to the DMV for that).

I hope I didn't mess this up---should I have put everything in probate because they already started moving money to my financial advisor? Or just the account that doesn't have both names on it?

I can't ask my financial advisor for a recommendation because he's in another state (he's in PA, I'm in Florida).

That one NAELA is for elder law---would that be a good place to go to (it's down for maintenance right now but I will check back) even if I and my DH are not elderly?

Thanks so much for all your help, everyone. My parents told me the attorney they used for my grandpa's estate took 10% and it was of the total estate, not just the stuff going to probate but the other beneficiary and joint accounts and there's just no way I can do 10% of everything I have, I'd just let the account go if that's the case because it's well under that, trust me.

This is the stupidest question, but what is the estate tax?

Also, would it be worth it asking the attorney to take a look again and make sure my name isn't on the account or my husband didn't have me as a beneficiary. It's VERY unlike my DH to not have me on the account--it's just so weird of him to forget that

[gt7301b]

The attorney I used for my grandmother's estate only ran ~$1,000 for everything. She helped file the paperwork at the courthouse and close out the estate at the end of the process. I also emailed her a couple times with questions.

[kwynn]

Jan 15, 2013 7:24:32 GMT -5 gt7301b said:

The attorney I used for my grandmother's estate only ran ~$1,000 for everything. She helped file the paperwork at the courthouse and close out the estate at the end of the process. I also emailed her a couple times with questions.

Thanks so much!

I'm afraid to be shamed or get in trouble for not handling this right in the beginning...I did ask and everyone told me it didn't seem necessary until this came up---everything else just became mine automatically through some kind of beneficiary designation? Like life insurance, checking account, his retirement...I don't know if I should have had an attorney do all that because a lot of those places just said "Send us a death certificate and we'll put it in your name."

Now I'm thinking that was wrong and I should have had someone probate this months ago but I did meet with someone as a free consult and they felt I was good to go on this.

I didn't even know there was paperwork or anything to close out the estate---I honestly have no experience and no one said anything.

I never ever want to be an executor of an estate ever again. My parents better live forever because I'm not ever doing this again. Also, I need to get a new will because I don't want to leave someone else with a mess like this should something ever happen to me.

[Deleted]

I would recommend going to the probate court (don't go in the morning) and asking one of the clerks what forms you need to file and just DIY. I'm not sure what term Fl uses but if there was a will you'd be appointed executrix and if no will you'd be an administratrix

You will need death cert and marriage certificate

[kwynn]

Thanks, @septimus! Is that because courts are busy in the morning?

I'm a little afraid of DIY legal---I'll probably screw it up. I thought my Googling said Florida required me to have an attorney? I don't mind paying at all, just don't want it to be more than the value of the account. I have to at least get a consult from a lawyer again to ask all my questions.

[gt7301b]

Jan 15, 2013 7:30:32 GMT -5 kwynn said:

Jan 15, 2013 7:24:32 GMT -5 gt7301b said:

The attorney I used for my grandmother's estate only ran ~$1,000 for everything. She helped file the paperwork at the courthouse and close out the estate at the end of the process. I also emailed her a couple times with questions.

Thanks so much!

I'm afraid to be shamed or get in trouble for not handling this right in the beginning...I did ask and everyone told me it didn't seem necessary until this came up---everything else just became mine automatically through some kind of beneficiary designation? Like life insurance, checking account, his retirement...I don't know if I should have had an attorney do all that because a lot of those places just said "Send us a death certificate and we'll put it in your name."

Now I'm thinking that was wrong and I should have had someone probate this months ago but I did meet with someone as a free consult and they felt I was good to go on this.

I didn't even know there was paperwork or anything to close out the estate---I honestly have no experience and no one said anything.

I never ever want to be an executor of an estate ever again. My parents better live forever because I'm not ever doing this again. Also, I need to get a new will because I don't want to leave someone else with a mess like this should something ever happen to me.

({) Kwynn (})

You don't need to worry about being shamed, no one can fault you for not knowing the one file didn't have a beneficiary.

I'm not an attorney, but as I understand it, the probate was what needed to be closed out. I got a letter from the state at the end of the process confirming I was done with probate.

I think you've done a great job.

[hockeywife]

ygpm

I work with a lot of FL attnys and may be able to recommend someone.

[Deleted]

The clerk will be able to help you out. If it's a small account I probably wouldn't get a lawyer involved either.

[cjeanette]

Jan 15, 2013 7:32:49 GMT -5 @septimus said:

I would recommend going to the probate court (don't go in the morning) and asking one of the clerks what forms you need to file and just DIY. I'm not sure what term Fl uses but if there was a will you'd be appointed executrix and if no will you'd be an administratrix

You will need death cert and marriage certificate

This. I have had clients do this for small dollar amounts in a couple different states without a lawyer. Worst case is you go in and they said you need one.

[Deleted]

Jan 15, 2013 7:38:09 GMT -5 kwynn said:

Thanks, @septimus! Is that because courts are busy in the morning?

I'm a little afraid of DIY legal---I'll probably screw it up. I thought my Googling said Florida required me to have an attorney? I don't mind paying at all, just don't want it to be more than the value of the account. I have to at least get a consult from a lawyer again to ask all my questions.

FL can't require you to have an attorney, they can encourage it, but not require it. Anyone can be pro se.

Avoid probate in the morning. Most people go first thing to file or for hearings so it can be busy. If you go during a quiet time you should find a clerk willing to help you a little more with which forms you need to get started.

If after trying that it is too difficult then contact an attorney