A Close Call

I almost have to go through probate

I started this Substack newsletter to vent about our health care system. But it turns out that the financial services system is pretty jacked up too.

We, or I should say my husband, had some accounts that were in his name only. Once he went into the hospital and was uncommunicative, I couldn’t touch those accounts. After he died, I assumed they’d be considered community property and I could roll them over in my name.

Not so fast, lady.

Funds aren’t just considered community property. You have to file a petition with the court and get an official letter stating that the assets are community property. Fine. I get a lawyer, and then I do deep forensic research to find out everything I can about those accounts. I went through boxes of papers that I had been trying to avoid. I looked through old canceled checks. I called all the funds but they couldn’t talk to me. I even called our long retired original stockbroker who happens to be my husband’s cousin. The lawyer filed the petition, and then we wait.

The court came back with questions. Lots of questions that I couldn’t answer. That nobody would be able to answer. What was the decedent’s net worth at time of marriage? At time of marriage? That was 35 years ago! I have no idea. Why were the funds only in the decedent’s name? Good question, Your Honor. How I wish I had the answer to that question. What was the source of funds used to start the accounts? Did the decedent contribute funds to the accounts during the marriage? And so on.

If we couldn’t answer the questions to the judge’s satisfaction, we’d have to go through probate. Probate! Probate is lengthy, expensive, and would result in the money getting split among me and our kids. I love my kids and all, but I’d prefer for them not to have this money just quite yet and they agreed.

It’s a good thing my husband was already dead, I thought, because I was ready to kill him on the spot. If he only knew that our inaction on estate planning would lead to probate!

Fortunately, my lawyer was able to make a good case that probate wouldn’t benefit anyone except her, in lawyer’s fees, and the judge agreed. Community property it is. But now I still have to check in with the funds and see what they need me to send in. So it’s not the end yet, just a hurdle resolved. And if the funds tell me I need a medallion guarantee, I’m going to hit the roof. But that’s another story for another post.