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My mom died a week ago she was entitle money from settlements, how do i obtain info on collecting her money?

Bowie, MD |

My mother was entittle money from her settlements,investment, the 2 younger kids grandmother died and father who was in the army. my mom was entitle to get a settlement, her lawyer past away a month ago and she did a week ago. how to i get the money entitle to me and my sisters and brothers

Attorney Answers 4

Posted

I am sorry for your loss. Did your mother have a will? If she did, then the Executor named therein will need to be appointed by a probate court to collect these funds. If not, the court will appoint an Administrator to take on this role.

Your next move should be to retain an attorney of your own. He or she will review the situation and determine how to best provide assistance. Good luck to you.

This information is presented as a public service. It should not be construed to be formal legal advice nor considered to be the formation of a lawyer/client relationship. I am licensed in Connecticut and New York and my answers are based upon the law in those jurisdictions. My answer to any specific question would likely be different if I were to review a client's file and have the opportunity to interview the client. Accordingly, I strongly urge you to retain an attorney in your jurisdiction with respect to any legal matter.

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Posted

Her investment accounts may have Transfer on Death beneficiary designations on them. In that case, then the financial institutions must be presented with a death certificate and identification in order to change the title to the accounts.
I'm uncertain about her entitlement to settlements. If that means that she was receiving structured settlement payments, then someone must contact the administrator of the annuity and follow their instructions, if there remain assets to be paid. If so, then there should be a beneficiary designation form on file.
But if she were just waiting on a check, then I would want to follow up with her bank to see what the status of the funds are and how they plan to handle the situation.
I'm sorry for your loss.

Do you know the consequences of your legal situation on your Financial & Estate Plan? Dennis Phillips is an attorney and financial planner based in South Florida; and he is the principal of 411 Financial, 411 LegalDox, and 411 FlaLaw which provide investment and insurance products and services nationwide, and legal products and services in Florida. Securities and investment advisory services are offered through Brokers International Financial Services, LLC, member FINRA/SIPC, Panora, Iowa, Brokers International Financial Services, LLC is not affiliated with 411 Financial, 411 LegalDox, or 411 FlaLaw. Disclaimer: The response above is not legal advice and does not create an attorney/client relationship. The response is in the form of legal education and is intended to provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that, if known, would significantly alter the above response.

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Posted

I agree with Attorney Pankowski, although I would see a probate lawyer as your FIRST step. If there is a Will, great. If not, you are still going to need to probate the estate, in order to get someone appointed who can pursue or at least handle the settlement proceeds.

I too am very sorry for your loss.

James Frederick

***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!

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Posted

The out-of-state lawyers have shared good general advice-- you need to sit with a lawyer and sort through all the facts. The moment Mom died, her propert became part of her Maryland "estate." Whether you or anyone else inherits money through the estate will be determined by her Will, or by the laws about how stuff passes when there is no Will (it is called "intestacy"). And whether bank accounts, insurance and other pots of money flow into the estate, or whether they get paid outside the estate, is determined by going to the bank and reading the documents. Now, to get all this done, the estate needs a "Personal Representative." That only happens when someone in the family files a petition with the Orphan's Court in the County where Mom died (and we are assuming she passed in Maryland, for the moment), and the court issues "Letters of Administration." A lawyer can help you set up this entire process, and advise on each step. And the lawyer's fee is established by statute, based on the value of estate assets being administered. Does that help?

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