Sister holding investments

[sabergirl]

My mother passed away two years ago. There are six of us children. My one sister is named the trustee to her investment account. My mother told all of us to get the little metal box in her bedroom if she should die and that box contains all the paperwork for her investments. When cleaning out the house, that box was mssing. My sister is holding onto these investments and not paying them out to the siblings. I have reason to believe that she is spending the money herself. Do I have any legal rights?

 

[dee_dub]

Yes, you have legal rights. Exactly what those are remains to be seen.

Did your mother leave a will? Who is the administrator/executor of the estate? Are you a named beneficiary?

 

[sabergirl]

My mother did not have a will. I have another sister who is the executor to the estate. She doesn't want me to start anything, legal wise, because she says it will tear this family apart.

 

[dee_dub]

Without a will, your inheritance is governed by the laws of intestacy in your jurisdiction. I would presume you and your siblings are all entitled to the same share. Your mother's investments form a part of the estate. If your sister who is currently the trustee of the account is squandering it, she is in breach of her duties as a trustee. The sister who is the administrator of the estate also has a duty to ensure the assets aren't wasted.

You should have serious discussions with both of them. I have a hard time believing that allowing one sister to screw the others out of their inheritance won't tear the family apart either.

 

[sabergirl]

I am having trouble understanding why my mom's estate never went into probate. She never had a will and I have one sister/executor to the estate and one sister/trustee. The house is now up for sale.

 

[dee_dub]

Some estates don't go into probate because they don't need to. What is the value of the estate? It may be below the minimum value required in your unnamed jurisdiction. The executor may have the option of doing an affidavit or something similar.

 

[sabergirl]

Thank you all so much for all of your help. Your answers really helped me to understand a little more. Thank you.