ATTENTION rx lawyers: legal advice question.

NyMets609 · Jun 22, 2010

hey guys....I have searched on the net for the information regarding my situation but have not come up with any real complete answers yet...figured I'd give it a shot on here for some out side advice.

basically my father passed away when I was 19 and left everything to me. I am the beneficiary of the will and my grandmother is the executor. In the will it states my grandmother could have control over the money and possessions, until I turned 25 and than everything must be turned over to me. Well....I am now 25 and my grandmother is telling me she is not ready to give me the money because she feels I am not ready for it and will piss it away. Basically if I want to see it in any type of lump sum I am going to have to take her to court. It has become a real ugly situation unfortanetely. Does she have any right to do this and will her case in court even be heard? She is the executor and the will does state for everything to be turned over to me at age 25....isn't it imparitive that she follow out those wishes? or can she slant this the way she wants it to be percieved, that I am not ready for it and keep it?

I really don't know what to do at this point....the last thing I want to do is go to court and have this thing get real ugly and burn all bridges with my family but I also really need the money at this point in my life...my next step is going to get a copy of the will and consult a lawyer but I am cautious about even asking my grandmother for a copy of the will as she will freak out and it will start a shit storm and from there, there is no turning back.

any advice is appreciated guys. I apologize for airing out such personal details but I am really lost right now and not sure which direction to go in....

steaktartar · Jun 22, 2010

am now 25 and my grandmother is telling me she is not ready to give me the money because she feels I am not ready for it and will piss it away

i dont know you at all......but you're asking this at a gambling forum....granny may be on to something....step back and see if she has a point

KennyB · Jun 22, 2010

She probably doesn't have the right to withhold the money from you. Obviously you would have to read the will (and any associated trust) for the exact language but you are entitled to the money now. How you handle your family is another story, do you want to go to court and force her hand?

As a side note, when I advise clients in estate planning (I am a business and real estate lawyer, not a probate and trust lawyer) I always recommend that they set up distributions to children at age 25 and also at age 30. Your grandmother may be correct that you will piss the money away but it is not her choice at this point.

KennyB · Jun 22, 2010

BTW, Do not gamble away the money.

PlaysnFades · Jun 22, 2010

No mater what the outcome, when you get the money don't gamble with it. Lots of posters on these forums pissed away their inheritances/lawsuit settlements/windfalls to the mighty books. Of course the affiliates appreciate it though.

Enfuego · Jun 22, 2010

She's wrong about keeping the money but she's right in that you'll most likely piss it away.

ewitty · Jun 22, 2010

It's probably very dependent on where you live also. I would limit your question to lawyers from NJ (unless you're not actually there). Unfortunately this is too complicated a question to ask on a public forum and any advice you get should only be from someone with legal experience in your state and only after having actually read the will.

Best advice is to try to get some free legal advice. If you contact the local Bar Association they may have a number for a lawyer referral service that could give you an accurate answer for free. If you can't get a copy of the will from your grandmother you might be able to track down the lawyer who wrote the will for your dad and get a copy that way.

As far as non-legal advice goes: probate court can get very ugly AND expensive, and a lot of times there's not enough money to fight over and people end up spending a good chunk of the inheritance just to win a principled argument. Make sure there's enough money there for you to take (after legal fees), and that you have a realistic shot at winning (your lawyer should be able to advise you on that) before you go and burn bridges and waste what could be years of your life in the court system.

Good luck, and sorry to hear about your trouble. I don't envy you.

quantumleap · Jun 22, 2010

She has no right to do this. Seek a lawyer pronto. Let him do the dirty work. Tell granny you don't want to take her to court but you will if she doesn't give the money over and you will win and it will cause a division in your entire family. That reason alone should be enough to scare her away.

If it doesn't carry on with the lawyer's advice. You're 25. If you piss it all away that's your right and it will be a learning experience. But she doesn't even know if you will or not so she has no right to keep it.

Good luck.

D2bets · Jun 22, 2010

First of all, if what you are talking about is a Will (as opposed to a Trust) then you shouldn't have to ask her for a copy. Wills are generally filed with the Court after a person's death and become public record so that anybody can get a copy. You should also review the probate court file, assuming there is one. Unless you've personally seen the Will, how are you actually sure that it's mandatory that you get everything at 25? The document might give the executor/trustee the discretion to hold back funds, for example, if you are a degenerate. Go to the courthouse in the county where your father lived, get a copy of the Will and any probate documents and take them to a probate attorney for advice on what your rights are. Have you received any accountings? You are probably entitled to that also, to ensure that your grandma has carried out her duties and is not looting the fund. Does grandma have an attorney helping her with this? Might be worse if she doesn't.

In summary:
Step 1: obtain all court documents and gather any other paperwork you have.
Step 2: take them to a probate lawyer.
Step 3: have lawyer determine your rights under the governing document(s).
Step 4: Have said probate lawyer prepare a demand letter to grandma and/or her attorney demanding whatever is appropriate to protect your interests and carry out the terms of the governing document(s).
Step 5: Court is a last resort, only if grandma does not carry out terms after formal demand or breached her fiduciary duties.

BAGIANT · Jun 22, 2010

I'd show the copy of the will to a probate attorney and let him sort it out for you.

I'd invest some money in a growth mutual fund and let it make some money for you. In ten years you'll be very happy. Don't forget to let the dividends and capital gains be reinvested.

Willie99 · Jun 22, 2010

not an attorney, but I'm pretty sure the probate judge would order her to liquidate the trust, which was set up in testate, since she can no longer legally withhold funds.

you don't have to file a lawsuit

I think that's how it works in CT

8ate · Jun 22, 2010

Buy The Stocks Kuhlness has listed in Financial section..>>

2-5 x your money in 3 to 5 years..>>

If it's a real will; the instructions are golden; they have to be honoured..

IT IS YOUR MONEY..>>

Sue to get it.

jmho

gl

NyMets609 · Jun 23, 2010

steak tartar said:
am now 25 and my grandmother is telling me she is not ready to give me the money because she feels I am not ready for it and will piss it away

i dont know you at all......but you're asking this at a gambling forum....granny may be on to something....step back and see if she has a point

well I did ask for the advice from our lawyers here at the rx..not just everyone in general. I deposit a couple hundred bucks at a time and bet 30$ a game so i think I am ok there...

NyMets609 · Jun 23, 2010

thanks for the responses guys.

I remember looking over the will when my father first passed away but at the time it was all to much and I don't remember the EXACT language but over the years and when it first happened I was told several times my father wrote out the will so that I would have everything when I turned 25. Some of the money is tied up in CD's and some is in a Schwab account that my grandmother monitors, and some in a checking account...that when I am in a jam or need extra spending money she has given me in the past but has really tightened up recentely. Next step will def be getting a copy of the will to see just exactly how it is worded and hopefully talk it out so court is the last possible option but at this point I just don't see it happening any other way. Like many have said....even if she feels I am going to piss it away...it is not her decision any longer...

billsfan · Jun 23, 2010

I don't know how much money you have coming, but chances are you could end up literally "pissing" all the money away in lawyer fees.....My advice: Sit down with Granny and have a heart to heart talk.....

SoCal · Jun 23, 2010

You mentioned that you have the need for money right now more than ever. Are you able to tell us a little more about your needs? Do you have debt? Fess up bro. Even if it's just some CC debt... is it gambling related? If it is... you're at a very important juncture in your life and a shitload of cash will potentially make things crazy. if the needs you have are other than debt... what are your needs? school? apartment? house? what are you up to man ?

bigbet1234 · Jun 23, 2010

Money, the rude of all evils

NyMets609 said:
hey guys....I have searched on the net for the information regarding my situation but have not come up with any real complete answers yet...figured I'd give it a shot on here for some out side advice.

basically my father passed away when I was 19 and left everything to me. I am the beneficiary of the will and my grandmother is the executor. In the will it states my grandmother could have control over the money and possessions, until I turned 25 and than everything must be turned over to me. Well....I am now 25 and my grandmother is telling me she is not ready to give me the money because she feels I am not ready for it and will piss it away. Basically if I want to see it in any type of lump sum I am going to have to take her to court. It has become a real ugly situation unfortanetely. Does she have any right to do this and will her case in court even be heard? She is the executor and the will does state for everything to be turned over to me at age 25....isn't it imparitive that she follow out those wishes? or can she slant this the way she wants it to be percieved, that I am not ready for it and keep it?

I really don't know what to do at this point....the last thing I want to do is go to court and have this thing get real ugly and burn all bridges with my family but I also really need the money at this point in my life...my next step is going to get a copy of the will and consult a lawyer but I am cautious about even asking my grandmother for a copy of the will as she will freak out and it will start a shit storm and from there, there is no turning back.

any advice is appreciated guys. I apologize for airing out such personal details but I am really lost right now and not sure which direction to go in....

Scoops · Jun 23, 2010

Tell her to release the funds to me.I am responsible and I will give you a % for helping.
:toast:

Na,just joking around man.I hope it works out for you and it doesn't cause problems in your family.Family is more important than money but sometimes you gotta do what you gotta do,I understand,just think it through thoroughly first so that you won't have regrets about it later.Cheers

P.S. Don't piss it away.

Willie99 · Jun 23, 2010

since the funds are being held in trust, can he simply go to the financial institution and say I want my trust liquidated?

may be a possibility

BTW: maybe you're grandmother has some concerns about you spending habits, since she was initially giving you more money without question. Maybe it's best that you continue on with some trust relationship, just taking pre-determined periodic distributions.

NyMets609 · Jun 23, 2010

Willie99 said:
since the funds are being held in trust, can he simply go to the financial institution and say I want my trust liquidated?

may be a possibility

BTW: maybe you're grandmother has some concerns about you spending habits, since she was initially giving you more money without question. Maybe it's best that you continue on with some trust relationship, just taking pre-determined periodic distributions.

yeah I mean I told her If she wanted to hold the money but continue to write me checks here and there when needed or even set me up my own checking account with a couple hundred bucks with an ATM so she can see all the transactions and where the money is going and she even shot that down. saying she is to old for the confusion and worrying about where each dime is going and she is not healthy enough for all of this and she needs to be around to take care of my grandfather, that my father didn't die for nothing and she'll be damned if the money goes to waste....

actually...the funny thing is....the Schwab account that she has a majority of the money in...DOES have my name on it..because when she has requested checks from them in the past I have had to sign off on them. So I'm sure if I wanted to avoid court somehow I could just call Schwab and say I want my money......simple as that...but I guess I am just afraid of burning so many bridges right now or hell the state of mind that she is in right now, that if I do that she is gonna take ME to court trying like all hell to get it back...

ATTENTION rx lawyers: legal advice question.

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