Assets of Surviving Spouse

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  #1  
Old 11-09-11, 11:30 PM
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Assets of Surviving Spouse

I'm looking for clarfication regarding assets in Arizona. After my Step Mother past, my Father put all their old coins in his safety deposit box. There is only one item within the estate that my Father cannot touch and that is the house. That has been given to us children.

It is my understanding that any assets he possess, cash ie., contents in box, are his to spend any way he may choose. They are not the property of the estate. Only after his death are they then consider part of the estate. My Brother told our Father that the box contents belong to us six kids. Thanks
 
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Old 11-10-11, 04:37 AM
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Of course legal advice is recommended. Surviving spouses carry on life as if nothing happened, regarding assets. Unless the step mother left a will that explicitly excluded him from having certain things. Her will will need to be probated first to see if there are any boogers out there to haunt the estate.
 
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Old 11-10-11, 06:29 AM
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Let me get this straight - someone is claiming property of his deceased step-mother which was not willed to him should belong to him? I don't see any legal claim to something like that.
 
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Old 11-10-11, 09:11 AM
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mitch17 - No
chandler - Past away five years ago - no issues

I was trying to be brief instead of wordy, so here goes. They had a living will - when she past the Lawyer had it worked out that all assets were my Dad's and the house would be her part of her estate to be dispursed on his passing. Therefore, the only thing that is listed in her estate is the house, where his resides. With that said, since my Dad has possession of old coins within his safety deposit box, my Brother told my Dad that they belong to us six kids. Basically telling him that he can't touch them. Hope I have cleared somethings up. Thanks
 
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Old 11-10-11, 09:22 AM
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I would think the coins [along with other personal possessions] would be your Dad's and he can do what he wants with them.
 
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Old 11-10-11, 09:26 AM
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OK, I'm confused.
the Lawyer had it worked out that all assets were my Dad's
Then how can the box belong to the kids? From what you're saying, sounds like only the house is to be passed on to the kids when your dad dies.
Or is this what you're asking us to confirm, because you disagree with your brother? If this is the case, then I'd say your brother is wrong.
 
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Old 11-10-11, 09:49 AM
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It sounds like everything other than the sturcture (the house) belongs to your dad - any contents of the house are his as well as any other assets regardless of location.
 
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Old 11-10-11, 10:09 AM
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Shadeladie - Yes, you are correct. I believe only the house is our's and everything else is his to do ask he wishes. My brother doesn't like that I have access to this box and is making a big deal about it. All it's doing is confusing my Dad and he doesn't want to rock the boat because we are all he has. I need someone who understands legal to clarify.
 
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Old 11-10-11, 10:13 AM
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mitch17 - This was my impression, yet since my brother is my Dad's executor of his part of the estate he doesn't know who to believe. My brother doesn't have any legal knowledge and I believe he is assuming. Thanks for your help.
 
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Old 11-10-11, 11:07 AM
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These kinds of issues can linger and cause hard feelings. Might be worth a trip to an attorney to get it settled.
 
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Old 11-10-11, 11:16 AM
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Thanks mitch17, I will suggest that to my Dad. I appreciate your's and others input. Blessings, Di
 
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Old 11-10-11, 11:48 AM
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Nothing gets people angry faster than thinking they've been swindled out of money.

So many people also have an entitlement philosophy that whatever was their parents' (or even other relatives) should be theirs upon that person's death when that person is under no obligation to leave anything to anyone. Not that I've been involved in any ugly family conversations like this....
 
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Old 11-10-11, 12:55 PM
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I agree 100%. And actually this is more about my having access to this box than anything else. Money has come between our sibling relationship has been damaged due to unjustified mistrust. Plain and simple! Thanks again..
 
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Old 11-10-11, 05:26 PM
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Sounds like from your first post they were in dual possession prior to her death. In other words they both owned them. It all passes to him upon her death unless the living will stipulates otherwise. The coins are not part of the house, but would fall into personal property of your Dad.
Not legal advice, just ramblings from a naildriver who's been there.
 
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Old 11-10-11, 05:52 PM
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chandler, thanks for that info. I agree.
 
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