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Dork with Questions | My grandfather died, was insured for 3 million dollars... my mother is the executor (or something)? |
Ok... I don't know much about this, but I'm looking to learn, because my mother is sick and she is also insured, but for 1.5 million, and I am scared that I wont know what to do.
What are the steps to take. I know you have to pay funeral fees, what else?
A funeral doesn't cost 3 million, so where does all that money go?
Thanks, all information is appreciated, I live 300 miles away from my mother so I need to know, because I want everything to be ok.
Thanks |
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Josh
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Call multiple lawyers. They will be able to help you and explain it to you in a way you'll be able to understand. |
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mbrcatz
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The funeral is completely seperate from the insurance.
The insurance company pays out the benefit, to whomever is listed on the policy as beneficiary. Whoever arranges the funeral is responsible for all the funeral charges.
Ask your mother, before she dies, what exactly you have to do. Or, ask her who she named as executor of her estate, in her will - THAT is the person you'll be dealing with, who will be filing the claims. |
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aaron p
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If your grandfather is insured for $3m and your mother for $1.5m, there is probably family property that is worth a lot of money like a farm, business, or family trust. The money left over after paying for funeral costs usually goes towards paying taxes due on these expensive assets. There could be other goals as well for all any of us know here.
Talk to your mother about it. Not only does it sound like she has done some planning, but she is currently going through the process with your grandfather. Hopefully she'll be able to give you guidance and even point you to useful resources when the time comes.
Good luck |
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mscarriem
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i would ask your mother to out together what is called atrust it states where the money goes and how it is spent, if she is the exectutor or your grandfathers stuff I am sure he had a trust as well which should dictate where it all goes. |
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rhsaunders
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The executor or administrator of an estate has the responsibility of collecting and organizing all assets of the estate (including insurance proceeds), paying all creditor claims (including funeral expenses and estate taxes), and disbursing all remaining funds or property to the heirs in accordance with the terms of the will or with state law. The executor needs first to get "Letters of administration" from the probate court, to secure the legal authority to do all of this. This estate is large enough that assistance in dealing with it would be justified, and you may want an attorney knowledgable in probate law to be on board. But start with your bank; tell your favorite banker about the situation, and seek advice there. |
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Lynn
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After funeral expenses you have to settle the rest of the estate. That would mean paying any outstanding bills that your mother has and paying taxes on the money you inherit. It will most likely go through probate court and you will need to have an attorney involved, especially if you mother has any real estate that will need to be dealt with. Also, if your mother has a will, then anything she included in that will need to be handled accordingly. Just make sure you know where the will and the insurance papers are at so you can locate those. Anything else you can get help with when you need it. |
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