My grown daughters were left their father's inheritance via an investment account. It was specified clearly in his will. However, the beneficiary of the account was their stepmom. A year and a half after father's death and promising they would get their inheritance, she now decides to keep it. My children are devastated and feel like they have been stabbed in the back. I know now that beneficiary overrides the will. But can anything be done?
1. Could you explain if your daughters were to inherit "via an investment account"? I.e., were the accounts titled in such a way that your daughters were named as heirs, or was this just a provision in his Will? Titling of the investments is critical.
If the former, the holders of the investment accounts would in my experience not honor the stepmother's request, w/o some legal support.
2. Wills and Trusts in my experience require that obligations of the estate first be paid before any disbursements are made to heirs. Has this been done, or are there outstanding obligations? I'm thinking that there might still be debts or other obligations that could deter the stepmother from commandeering the investments.
3. Have you read the Will to see EXACTLY how this bequest was titled, and intent to be executed?
If the stepmother had total control, and the bequest to your daughters was only verbal, or not included in the Will, I can see how the stepmother could manipulate the situation to her advantage.
You wrote:
"I know now that beneficiary overrides the will." I assume you're referring to the beneficiaries named in the investment accounts? If so, I stand firm in stating that the investment account holders will not honor the stepmother's desire to change the beneficiaries.
Contact them yourself, and confirm that. In fact, do that today. Then let the stepmother find out when she tries to change the beneficiary that it can't be done since the stated beneficiaries (your daughters) are still living.
The question is, when was the Will written and when was SM made beneficiary of the investment? If she was made beneficiary after the Will was made, then I would think this overrides the Will, too. This is not the SMs fault but the fault of their father. He contradicted himself by leaving the investment to his girls in a Will and then putting wife as beneficiary. It does not make sense.
With all our investments, our daughters are beneficiaries. DH life insurance policy, they are beneficiaries. This way there is no probate. All they need to do is prove our deaths, and they get the money.
Blended families, especially marriages made later in life, are often fraught with complex issues with ex's and adult children, such as mistrust and resentment. We, the forum, can't know all the details of your situation, but why shouldn't a husband provide for his wife after his death? The spouse gets priority over the adult children. Often as the children watch their father reject their mother and marry another woman (and especially if they were minors during the divorce) they can feel a deep sense of entitlement as compensation for the pain and trauma of divorce. This is how it played out in my husband's family, with his brothers expecting an inheritance from their father (who passed from cancer) and were enraged when it all went to his 2nd wife (there was a trust created). Their step-mom is not a bad person, but the pain of divorce is the "gift" that keeps on giving.
FYI if you were married to him for more than 10 years you are entitled to collect HIS social security amount if it is more than yours. I wish you peace in your hearts no matter the outcome.
I just went through this with a friend, she remarried, he left, they are still married and she wanted to collect against an ex's SS. Nope, not unless current husband dies.
Just an FYI.
So sorry to hear about your husband's family mess. Divorce sucks.
You can see how convoluted this can be.
It is well worth speaking to an attorney but, if it's not loads of money, pursuing it means that only the attorney wins. Litigation is really expensive and if you lose, you will most likely end up paying for all the attorney fees and court costs.
I would venture to say with her promises that it probably was a verbal agreement that she would make sure his daughters got what he wanted them to have. Proving that is another story. An ethical attorney will be completely honest about the chances of winning, how much money it will cost to litigate and so forth.
Makes sure they bring as much paperwork as possible to the 1st meeting. This will help them get an honest opinion.
I am sorry for your daughters. My dads exthang got everything, even stole all his money while he was in the hospital dying. Money can bring out the very worst in people.
This is a question for a lawyer skilled in probate litigation.
Any clue why dad made his wife and not the daughters the beneficiary on the investment account? Did he have dementia?