1) You may be entitled to money held by the state. Have you ever received a letter from a law firm or private investigator informing you of unclaimed property or cash and offering help? Last year, I got such a letter from Californian private investigator. Sensing a scam and having never heard of such a thing, my investigation began. The private investigator’s website seemed suspicious and after googling “unclaimed property,” I found that states hold unclaimed funds until the owners claim them. It is a completely legitimate part of state government, but a private investigator is not necessary in most cases. 2) What is unclaimed property?…
-
-
Probate Basics: Questions and Answers
Losing a loved one is an emotional and difficult time, even without handling the legalities and formalities of the deceased’s affairs. When you find yourself responsible for handling the deceased’s business at the end of death, where do you start? This post aims to explain the basics of probate, how it works, and what you should do in North Carolina under typical circumstances. What is Probate? Probate is the official legal process by which a will is honored. When a will is probated, an executor (sometimes called a personal representative) is appointed to administer the estate and carry…
-
Six Basic Questions and Answers about Executors
If you have a will or have ever dealt with estate administration, you are probably familiar with the term “executor.” However, most people don’t know what an executor is or what the executor’s role is. Additionally, what do you do if you suspect an executor is behaving fraudulently or contrary to the deceased person’s wishes? What is an executor? An executor is a person or institution appointed to carry out the terms of a person’s will. They are appointed by the person who wrote the will, the testator, to conclude the business and financial arrangements the testator had…
-
When Heirs Cry: Claiming Prince’s Paternity
The inheritance saga in the wake of Prince’s death continues. Since reportedly dying without a will, potential heirs are coming of the proverbial woodwork and claiming they are entitled to a piece of Prince’s fortune. According to Minnesota law, if there is no will, the deceased’s estate first goes to his spouse. If there is no living spouse, then the estate would go to the deceased’s children. If there are no living children, then the parents inherit the estate. Finally, if no living parents, the estate would pass to the deceased’s parents’ descendants (i.e., the siblings of the deceased). …
-
What Happens if You Die Without a Will? Taking a Lesson from Prince
On Tuesday, Prince’s sister, Tyka Nelson, filed an emergency motion in Carver County District Court requesting that the Court appoint a special administrator to gather and protect Prince’s assets. She also claimed that, to the best of her knowledge, no will existed. The assets are estimated to be worth $100 – $500 million and are comprised of real estate holdings, including his Paisley Park Complex outside of Minneapolis; his music catalog, including licensing rights for television, film, and commercials; and album sales. It is estimated that in the week after his death, 2.8 million of his songs – and over 650,000 albums – were sold…
