I recently inherited my grandmother's $10+ million estate, but there are some complications. Advice, please?

Talk to Flagpole. He'll give you solid advice on this.

First thing is to take your financial advice from a running message board.

OP,

1) First of all, assuming you haven't already told the family members that you're keeping it all, that uncle of yours is out of line. I'd split it up evenly, but tell him he's an a$$hole for going right for the legal action route.

2) DO split it evenly, but make sure you are compensated for any extra legal fees you incur, and maybe even a little bit for your time...that's only fair.

Thanks Flagpole. I knew you would come through.This is BY FAR the best advice so far.

Flagpole wrote:

OP,

1) First of all, assuming you haven't already told the family members that you're keeping it all, that uncle of yours is out of line. I'd split it up evenly, but tell him he's an a$$hole for going right for the legal action route.

2) DO split it evenly, but make sure you are compensated for any extra legal fees you incur, and maybe even a little bit for your time...that's only fair.

Personally I think you should respect your grandmother's wishes - you get all the money. It was her money and what she wanted. Of course, if you choose to give some of it to your family members (the ones who aren't being obnoxious) that's up to you.

Don't go talk to a lawyer, hire one asap. Do not make a single move without the assistance of a lawyer. Do not talk to anyone about anything related to this situation. Refer everything to your lawyer. Stop posting on the internet. It is discoverable (i.e. you may have to produce copies to the adverse parties in litigation).

I hope your grandmother did the second will cutting everyone out with a competent lawyer. If she did, it will make a huge difference in a will contest in probate court. There are a number of bells and whistles that can be used in a will to help prove it up in court and beat back the disgruntled relatives who got cut out. If she did not, you could be in for a long fight, not because the relatives have meritorious claims, but because probate court is slow and everyone is entitled to an appeal if they lose.

I would also be curious as to what kind of estate planning went on. I really doubt your grandmother would just turn loose 10.5 mil in cash and subject @4 mil to significant estate taxes. There should be trusts set up in the will to avoid estate taxes. It is estate planning 101 for lawyers and tax professionals.

While it sounds like you may have a very solid shot at the 10.5 mil (largely dependent on the quality of the legal work drafting the original and second will), you may want to bite the bullet and pay off the uncle sooner than later. You might ask your lawyer to push to get everyone to mediation very early on to see whether you can all reach an agreement. Otherwise, there will be significant legal fees (your attorney will probably work on a mix of hourly and contingence fee (translation: six figures in attorney's fees at the least if there is a will contest) and a long time (potentially years) before you finally prevail and get the money. Also, there will be depositions, hearings and a trial if everyone fights it out. It is fun to watch other people go through that, but not fun at all when you are in the hot seat.

But also be prepared for the disgruntled relatives to be irrational and greedy. Will contests always bring out the worst in people. That is why you need a lawyer (a good one who litigates in probate, not your college drinking buddy who just graduated from law school and has opened an office in his mother's garage).

Good Problems wrote:

My mom suggested that I be a bigger man in all of this and willingly offer to split the inheritance. That way we don't have some ugly drawn out battle that costs money and probably ruins relationships. But here's the thing, I could really, really use the money. I work a backbreaking manual labor job and don't get paid much at all. This money, invested intelligently, can set me up for the rest of my life.

You can please your mom and still help yourself. Nothing was left to your "2 uncles and 1 aunt" and presumably mom/dad.

So it sounds like there are four living siblings.

If you split it with those 4 and yourself, that's $2.1 million each.

Invest that $2.1 million and youre looking at $100,000 per year at 5%. So you'll have a much easier life and your siblings will be happy as well.

It sounds like Uncle Sam will take 40% of anything over $5 million anyway.

If you take it all, then you are making a $2 million donation to Uncle Sam. Plus probably another 1 million in legal fees.

Good Problems wrote:

But here's the thing, I could really, really use the money.

Oh, I see your problem now.

Most people really couldn't use the money.

You didn't inherit anything, and you know it.

I'm sick of these thread titles ending in question marks, they are so formulaic, they are obviously the product of a deliberate effort to keep the messageboard alive.

Taco Truck wrote:

They can't do anything. When she changed her will, she mostly likely had an attorney do the paper work and was present at the time she signed it. The witnesses to the will also can testify to her state of mind. Keep all the money and leave it in the bank. Take time to figure out what you want to do.

I agree with all this.

Definitely do NOT offer to split the money with anyone. There would be no upside to doing so, and they would use it to try and take the rest away from you.

Most of all, ABIDE BY YOUR GRANDMOTHER'S WISHES.

Respect her, and don't mess with her wishes of her last days.

Precisely right. Hire quality probate attorney first, probate qualifications are essential. Hire a larger firm if possible. Provide initial budget of $10,000 - and let know no more is to be spent without your written consent. This is crucial if you don't want to go to litigation, because that's what your attorney wants (how else will your attorney make money?)

Key points will be timeline, competency and - and this is the big point not stated - did the will specifically disinherit the others. Specific reference to the others in the will stating that the others named are not to receive any of the proceeds if related heirs is mandatory in most states.

But you need to run to an estate attorney now with both copies of will.

You can still be magnanimous and offer to provide a split. Only do so at advice of counsel and with your counsel present.

Good Problems wrote:But here's the thing, I could really, really use the money.

There are a lot of people out there that need the money more than you. Think of the homeless people, people on welfare, or mentally/physically challenged before you spout off about really needed the money.

You stated that your grandmother went to a lawyer other than your uncle to have her will altered. One would think that lawyer would have kept a copy. Go to that lawyer with another lawyer to verify everything is legitimate. Then go from there. At least you would know that the jerk lawyer uncle would not have a chance if he were to contest it.

If you choose to split it for the sake of family harmony, no one had better complain, especially since they would know that legally you didn't have to go that route. Giving them a nice sum, say a half a million each, would improve their lives immensely, and you'd still come out just fine.

Note: I just realized that my use of the phrase "jerk lawyer" is somewhat redundant. Sorry about that.

marijuologist wrote:

I'm afraid that people on here who resent your good fortune will advise you to act against your interests by accepting less than what's rightfully yours. Your grandmother wanted you to have everything and the others not to have anything. You should be hire a top lawyer and aggressively defend your inheritance. F*ck your jealous relatives.

+1.

If you took care of her and the rest of the relatives ignored her then this is a very sound reason she would want to leave you with everything. Get the best attorney you can find and take it all and do nothing until you know what you want to do with it.

I want to thank everyone for the advice so far. This thread has made me feel more comfortable about the situation and raised ideas that I will bring up with an attorney. I have scheduled a meeting with an attorney for tomorrow. Will keep everyone posted on my decision/etc.

If the change in the will was not at all your doing, then don't give the relatives a nickel. Your grandmother made the judgment that you deserved the money - perhaps because you were the only close relative who did not neglect her in her final days. You would have to have a very powerful reason to overturn her judgment.

Please call my show.

Get a life wrote:

You didn't inherit anything, and you know it.

I'm sick of these thread titles ending in question marks, they are so formulaic, they are obviously the product of a deliberate effort to keep the messageboard alive.

Most of us read these for entertainment. After all the alternative is to actually do something in the office and that is usually not entertaining in the least.

I called an attorney and he said to come and see him this Friday.

He didn't mention any money, so I presume there's no fee, or else he would try to have me agree to something when I get there. Am I correct about this, or should I call to confirm there's no fee? I have made no agreement for a fee.