How can my sister or me be determined to be an estate beneficiary to my grandmothers funds?
Full Question:
Answer:
The answer will depend on all the documents and types of property involved. A power of attorney is no longer effective when the maker dies. Generally, when a person dies, the estate passes as a will specifies or else it is distributed according to state intestacy distribution laws. When a person dies intestate, a petition for adminstering the estate and appointment of an adminstrator (male) or administratrix (female) is filed with the court, requesting letters of administration to be issued so that the adminstrator(-trix) may settle the affairs of the decedent's estate. Depending on the type of funds involved, there are requirements for having the assets transferred to another, such as presenting a copy of the letters of administration.
The answer will also depend on how the property is owned, such as by joint owners, or held in a trust. If the grandmother's estate passed by intestacy laws, it is possible the mother's estate had already inherited the assets of the grandmother. The mother's heirs would possibly inherit the property of the grandmother according to the mother's will or the laws of intestacy of the mother's state.
Trust assets are owned by the trust and distributed outside of probate. It is possible for a joint owner to receive property by right or survivorship, which passes outside the probate estate. Joint tenancy is a form of ownership by two or more individuals together that differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. State law, which varies by state, controls the creation of a joint tenancy in real property. Joint tenancy property passes outside of probate; however, it may be severed so that the property becomes part of one person's estate and passes to that person's heirs. Each joint tenant has an equal, undivided interest in the whole property, and may enter onto, take possession of the whole, occupy, and use every portion of the common property at all times and in all circumstances. All joint tenants, and their spouses, must sign deeds and contracts to transfer or sell real estate.
In the case of a life tenant who holds a life estate, when the life tenant dies, their interest may pass to the remaindermen. Title may also return to the person giving or deeding the property or to his/her surviving children or descendants upon the death of the life tenant--this is called "reversion."
I suggest contacting a local attorney who can review all of the facts and documents involved.
