R
Ralphie
My wife's mother recently passed away in Michigan. Before
her death, she moved nearly all of her assets into the names
of her children. This includes her condo as well as bank
accounts (she didn't have any life insurance). Essentially
everything that she had is now in the hands of her children,
as she wanted.
She had a will, leaving all of her remaining assets (of
which there are basically none) to her children in equal
parts. Since there really isn't anthing left to divy up,
none of my wife's siblings has any interest in becoming
executor of her estate. I believe that the only reamaining
tasks relate to dealing with any final taxes and
miscelaneous bills (utilities, credit cards, etc.), but no
one wants the hassle.
I have a couple questions:
1) What happens if no sibling closes out the estate?
2) If no siblings close out the estate, would anyone else
(the state of Michigan, the IRS, a credit card company,
etc.) automatically step up?
3) Since all of the assets were transferred before my
mother's death, is there any real chance that someone could
come after any of the assets? Would it matter when the
assets were transferred? Would it matter how the assets
were moved (e.g., adding a child to a bank account as a
JTWROS)?
TIA.
her death, she moved nearly all of her assets into the names
of her children. This includes her condo as well as bank
accounts (she didn't have any life insurance). Essentially
everything that she had is now in the hands of her children,
as she wanted.
She had a will, leaving all of her remaining assets (of
which there are basically none) to her children in equal
parts. Since there really isn't anthing left to divy up,
none of my wife's siblings has any interest in becoming
executor of her estate. I believe that the only reamaining
tasks relate to dealing with any final taxes and
miscelaneous bills (utilities, credit cards, etc.), but no
one wants the hassle.
I have a couple questions:
1) What happens if no sibling closes out the estate?
2) If no siblings close out the estate, would anyone else
(the state of Michigan, the IRS, a credit card company,
etc.) automatically step up?
3) Since all of the assets were transferred before my
mother's death, is there any real chance that someone could
come after any of the assets? Would it matter when the
assets were transferred? Would it matter how the assets
were moved (e.g., adding a child to a bank account as a
JTWROS)?
TIA.