Well...had that difficult talk

[DammitJanet]

I dont know if I am the beneficiary on any of the life insurance policies. I would find it odd that was not but considering she is not saying that I am sort of leaves me feeling that I am not. Or maybe she hasnt seen them but considering she said that there are 3 I would think that she would know. Dunno.

She has said that there is the CD and where it is located. If it was at a national bank there would be no problem and she would just send me the death certificate and all would be fine. Problem is, its either just a Richmond bank or just a VA bank. Actually LDM probably knows...First Merchants? I have never heard of them before. The checks my dad always sent to me came from Wachovia. That would have been simple...we have one of those here...lol.

I asked my credit union if they could do a transfer from that bank to my credit union and apparently not. I think Im going to look into one of those places that actually give a higher interest rate anyway like ING or Ally or whatever that one is called, and set up a new account anyway with this money. I dont need to put it in a very low interest bearing savings or checking account. It needs to go into the highest interest I can get. I am going to be very careful with this. The only thing I am going to do with it now is fix my furnace and get a bed and then Im gonna forget I have it. Oh...and underpin my trailer so I can get insurance on my house which my dad would want me to do so Im covered in case anything happens here. Ive been lucky so far but luck only lasts so long.

 

[nvts]

Ohhhh Jaaaaannnnet! Try this:

http://www.legalaidnc.org/

Call them and ask a few questions. It doesn't hurt and you may be able to pick their brains as to how to determine if there's a will and who's got it. Lawyers may need to notify the state or something...who knows! You've got nothing to lose and plenty to gain by checking it out.

Beth

 

[DDD]

Did Pat indicate the size of the CD? I'd hate you to be too optimistic and then be disappointed. CD amounts can be quite modest, I think.

Guess I should stop sounding like a naysayer but I just don't want you to be hurt. Hugs DDD

 

[DammitJanet]

No she didnt indicate the amount but...my thinking is this on the CD. I am fairly sure that my parents started saving for my future from the time I was young...that is just the way they would have done it. Obviously I didnt go off to college or cost them a ton in a wedding. Sure over the years my dad has given me maybe 3k in help but we paid back most of that but then he also sent it back to us...lol. That isnt including the xmas gifts or birthday gifts of course.

I am pretty sure that while I was growing up there was a "Janet" account. When they divorced I have no idea how that was handled. Maybe they split it. If so, or even if not and he had to start all over again, that would be almost 30 years ago. If we are talking about the original CD's, I know my mom had some in the mid 70's and early 80's that were earning over 10% interest.

I know certain financial stuff about the divorce. Things like my mom came out with about $130K which was half the house and bank accounts and that was in 83. The house sold for $175 and the rest was money and the whole household item splits. My dad worked another 10 or so years past that too.

 

[LittleDudesMom]

Janet, there are numerous local banks around here. I wouldn't even venture a guess which one the cd is with. I think it is work a call to Pat to ask her about it. And, if there is a life insurance policy out there with you listed as the beneficiary, she couldn't get access to it. You might want to just ask her about that as well. "Pat, I was wondering what bank that CD was with. I wanted to see about sending them a copy of dad's death certificate............Oh, do you know who all the beneficiaries were on his life insurance policies?"

I am both an ING and an Ally Bank customer. About 6 years ago when I first opened my ING CD and savings accounts the interest rates were about three percentage points higher for savings than any of the local or national banks. Their cd rates were also great. With the lowering of interest rates in an attempt to kick start the economy, the interest rates on savings and cds have gone waaaaay down. Last year my ING savings account interest rate went down about 7 times.

I moved a cd from ING to Ally last spring because the rate was better. With cds Janet, just shop around. You usually get a better rate at an internet bank because their cost of doing business is lower. Just make sure it is FDIC insured. Most cds under 24 months are lonely at ike 1% or so. I remember back in like 05, 06 and 07 I was getting 5 and 6 percent!

I just keep my ING savings because it keeps the money harder to get!!!!!!! I also have what ING calls "electric orange" checking. I transfer money there every week and pay my bills from that account. I like having to work at getting my money because I tend to think more about what I'm doing when I have to wait or go an extra step to get it!!!!!!! Built-in savings!

Sharon

P.S. Let me know if I can do anything on this end for you.

 

[DammitJanet]

Sharon...I think this bank is the one that was associated with Ukrops. From what I understand from the Clark Howard show, I am betting Dad used that bank because it probably had higher interest rates because it was a small, locally owned bank so it probably offered the incentive of higher rates to get customers. Thats what he said at least...lol. Clark Howard said that small, local banks, credit unions and internet only banks give higher interest.

 

[susiestar]

Janet, when you decide to transfer the money make SURE that if it is more than the maximum amount the FDIC insures then you leave a bit less than that FDIC max amt in one bank and put the rest in other banks. I know a few people who had several accounts at a bank that failed and the total of the accounts combined was more than that max amt - and they only got the max amt that was insured by the FDIC even though it was different accounts. This was many years ago (S&L bailout time) and it may be different now but I wouldn't take that chance if I had enough $$ to have to worry about that! (I worked in a bank for a couple of years and heard horror stories from when the S&L's failed.)

 

[LittleDudesMom]

Janet, if that is the case, the bank is First Market. I can tell you that they definitely didn't have the best cd rates in town because I checked into them several times over the years! I do my best to shop and do other business with small, family or locally owned businesses when I have the choice.

But armed with the assumption that this is the bank won't get you anywhere. You can't call the bank and ask if your dad had an account there. You can't call and find out if you are listed as a beneficiary on the account. They would have to have that death certificate from Pat and then they would contact you, usually via regular mail, to let you know of the benefit.

 

[tiredmommy]

Janet- You may be able to call the county coroner's where your father lived and request a death certificate. There's usually a fee per certificate requested.

 

[Jena]

hi i'm so sorry i'm late to this. i used to probate estates here in new york. first thing to do is order a death certificate, you'll need that for any accounts anyway you want to liquidate or transfer. if his will isnt' coming up that it was filed yet that doesnt' mean there isnt' one. there are state laws depending on state how long you have to file lwt after passing. if it's over 100k than it'll have to be probated dependent upon who the executor of the will is. you can use the certificate once you get it to send inquiry letter to all insurance companies stating you are the daugher and would like any info regarding bene's on the account enclosing copy of the d.c. it's so hard isnt' it, bad enough you had to process this yet you gotta figure things out also.

i went thru this if you remember mos ago with my dad pain in the butt handling his wife

 

[Fran]

Janet, I'm with DDD on this. It seems death of a parent can very easily create emotional responses and hard feelings.
My mindset is to expect absolutely nothing and be thrilled if you do receive something.
It's much better than to expect something and be very disappointed.
I hope your dad wrote things down. If not, then you may not inherit anything. He was married for a long time and his wife is the person that
will receive everything (as it should be) unless your dad left specific instructions. Could you imagine your sons expecting money or tools or anything if something happened to your s/o?
He was a smart man to have saved so much so I can't imagine that he wouldn't have written anything.

 

[svengandhi]

I haven't read the whole thread but I would talk to a lawyer if I were you. In my state (NY), if a person dies intestate, then his survivors are entitled to shares. Current spouse and children are the categories. Stepchildren can only inherit from a step-parent if they are listed in a will. I would contact a lawyer, explain the situation and have the lawyer contact your stepmom with a request to be informed who the estate's lawyer is. If she says there is no will and/or she is not moving to probate, your attorney could apply for you to be the adminstratrix of the estate. I would pursue this if I were you - you are legally entitled to a share if there is no will and you'd probably get enough to buy a new truck and/or a nice set of tools.

Good luck,