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Beginning Payouts on FIL's Estate

June 10th, 2008 at 04:08 pm

Last night we went to Hubster's sisters house and met with 3 of the 4 siblings to hand out their inheritance checks.


Hubster is meeting with the other brother today to give him his inheritance check and take him to the bank so he can cash it and pay us the $2900 he owes us for our old car.

They had to sign receipts for their checks. Funny thing was that they did not have to be notarized receipts. What would stop someone from forging them?????? Only integrity it seems.

Hubster goes this week w/the attorney to the courthouse w/those receipts in hand to get the estate finalized and then he will close out the estate accounts and we will get our $**,***.** money back that we loaned the estate, plus his inheritance amount $*,***.**. The expense money goes back into our MM account until we decide where to invest it. As far as I can recall we haven't discussed what he's going to do with his inheritance check, but most likely will put it into his retirement account.

By rights I think that the old car money from his brother should go into another CD to help with future car replacement funds.

He also has another account that was him & his Dad's checking account while Pops was alive that many of the bills were auto-drafted out of while the house was up for sale.

That's two checking accounts that can be closed. Two less accounts to be balanced each month! YES!!

There will be a final attorney bill and the sibs were told to save back a couple of hundred dollars each towards paying their 1/5th of the bill.

We've yet to set a date for them to divide up pictures, coin collection, and jewelry. We tried last night but no one would commit. So, for now then it will have to wait until we return from our family vacation.

They were also told if they want to buy something from among the coins or jewelry then we'd do it similar to how we did the family auction on the furniture. They can bid, then pay cash to the family kitty and then after all is sold either to them or to someone else via ebay or dealers, then we'll divide that kitty into 1/5s and send out another check.

Last night we discussed having any photos that more than one person wanted scanned and duplicate disks handed out. Hubster & I are going to 'gift' that duty to one of the other sibs!! Big Grin

After that we still have a 1/2 of a bedroom that is STILL (2 1/2 YEARS LATER) stacked w/FIL's packratted papers to go thru AGAIN! Most of it can be tossed. Some shredded. Little will be saved. The first time through them everyone was too raw to be able to throw them away. I already spent a couple of FULL days shredding lots of things when my FIL moved in with us. I swear my papershredder was smoking at one point!

Anybody have any idea how long to keep the estate accounting records around?

Dear sweet Pops died in 2005. I miss him. He was a loving husband, hard-working, sweet-hearted, family tending man.

6 Responses to “Beginning Payouts on FIL's Estate”

  1. disneysteve Says:

    It sounds like you guys are doing a good job working through the process. I've never had to do it, fortunately, and being the only surviving child and sole heir of my mom's estate, it won't be a big problem when she ultimately passes.

    Good luck with the rest of the process.

  2. Yankee Gal Says:

    Ask your attorney how long to keep the records- this can depend on whether it was a taxable estate, and the date the court officially "allows" or closes a probate case.

  3. baselle Says:

    When you find out how long to keep the records, let me know - I still have all of mine. Big Grin

  4. terri77 Says:

    I would say at least 7 years, as advised for tax documents. Personally, I would probably keep them forever.

  5. scfr Says:

    Thank you for sharing your experiences with us. Some towns are now offering "shredding days" to help people prevent ID theft ... might be something worth looking in to given the volumes of paper you still have to deal with.

  6. Lux Living Frugalis Says:

    Thanks scfr, shredding days -- that is a good idea!

    Thanks YankeeGal, asking the attorney - why didn't I think of that???

    Hubster went to court this morning. The attorney's answer was to keep the estate accounting receipts & records for 3-4 years.

    I'm the type that will probably keep them 10 years! ...or more.

    But, most of his old papers can now be disposed.

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