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I had to divide my assets among my three children equally and I ended up giving them 33.33% each and the extra1% I gave to my grandchild. I did it this way because I did not want any infighting where the two of them will accuse the other one of getting more than the others.
To answer your question, you need to seek the advice of the lawyer or entity who prepared the will.
But 1/3 each is a problem
because it adds up to 99% and the bank wants instructions about 100% of the account - they might say 33% and 33% and one sibling gets 34%. Mom would decide who gets the 1% extra. Or mom can tell the bank two of you get 33.33% and one if you gets 33.34% to make it more fair.)
haha. 1/3 each does not add up to 99%. Easy math mistake many people make.
1/3 + 1/3 + 1/3 =3/3
3/3 = 1
1= 100%.
I agree with you about talking with the banker. Good idea.
No point in getting anyone's panties in a twist until you've consulted a real authority, which would be a lawyer who deals in estate law. It's well worth the money.
There is no need for a will if a trust is made. Beneficiaries to all insurances and investments. If done right, you bypass Probate.
I would suggest that Moms will gives a reason why your sister is being cut out. "Because I have given my daughter numerous loans in the amt of 50k that have not been repaid, I am considering this her inheritance" or she leaves her a small amt and why. I would also have a clause if contested, the person contesting will get nothing because sis can contest the final accting and hold probate up.
So just make sure that Moms Will is sound. That all the Ts and Is have been crossed.
Although it doesn't invalidate the will, if there are no assets outside the joint or POD accounts then there is no estate so nothing to pass on through the will. My husband and I had our accounts set up that way. When he passed away a year ago, although I was technically his executor I didn't have to file for probate because all the accounts and real estate were joint or had beneficiaries (me and the kiddos).
but as I said, ours went to trial and the relative who sued us invested a ton of money in his case and probably ended up breaking even after he paid his lawyer. But that was satisfying enough just for the point of my MIL not getting anything…
if your sister doesn’t have a ton of money to sink into lawyers and trials, nothing might happen
The will can only be changed by the person who originally made the will while they are competent to do so.
You seem to have a good relationship with your mother. She is the one, I assume, who holds the original copy of the will. Read it. If you have questions, your Mom and you should see an attorney for answers. You mom, if competent, can also make any changes she wishes to to her will, including who will serve as executor.
I do worry about what you have done with mom's accounts. If you have put your name on them you are mingling money in a legal way that may have repercussions. This is for you to discuss with either the attorney you see or with the bank executive.
We do not know details of what is happening here and shouldn't be giving you any legal advice. Legal questions need to go to an attorney in your area.