Executor / Estate…help

By johnhancock, August 31, 2013

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

I was appointed the executor of my late stepfathers affairs. The estate was worth in excess of 2.5 M. I paid out the the heirs partial payments, and the estate was all signed off and settled after 19 months. Last week after all was settled, I received a phone call from a fellow in Phila. A ” Legal Claimant Services Co. ” he claims that his group found an ” unclaimed ” Mutual fund worth $22K. and for a fee of 25 % if I signed forthcoming agreements they would recover for the estate this mutual fund. Of course he was not about to tell me who the fund was. I searched the ( state unclaimed-property sites ) in the states he had lived in, 3 states / 77 yrs. NO luck….does ANYONE have any idea or suggestions about how I might be able to locate this supposed mutual fund to possibly recover the funds. Respectfully John Hancock

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12 Comments on " Executor / Estate…help"

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wojogumshoe
Irregular
2
August 31, 2013 3:19 pm
I would first check recent IRS or state income returns. Hard copy files often have 1099s attached to file copy. As executor you should be able to get a printout at IRS. If he was a widower, I would also check IRS under deceased spouse SSN. If computer was used in prep of returns you might check past years files there too. If there were mutual funds in the estate, you should also check with the fund administrator for other funds in the family of funds, also under spouse SSN. You should probably get copies of both death certificates to… Read more »
budwood
Irregular
0
September 2, 2013 2:25 pm

Is this 22K from your “Step Father’s account” or is it simply an unclaimed fund? If the latter, it may not have anything to do with your Step Father’s legacy. If that’s the case, it sounds that this guy is using you. Any subsequential hassle is not worth 22K when you’re handling 2.4 M.

cw
Guest
0
cw
September 2, 2013 4:40 pm

We went through this with my mother’s estate. To tell you the truth after 20+ years I don’t remember the details but we did eventually (after much looking) pay the fee and received the money.
After diligently searching unsuccessfully in the above mentioned places, I’d probably just pay the fee and write it off to experience.

123tonyb1232012
Member
0
123tonyb1232012
September 2, 2013 7:27 pm

They do “come out of the woodwork” don’t they? When in doubt ignore until bono fides can be verified.

don_x
Irregular
32
don_x
September 3, 2013 2:31 am

There are also a lot of scammers out there from Nigeria and elsewhere that are looking to fleece you out of your money. So be very wary.

Hawker
Guest
0
Hawker
September 6, 2013 1:37 pm

Sounds like a scam to me . If you cannot find out what they are talking about then I guess agree to let them take out the percent from the funds BUT do not send them any money ahead of time or only after any check they send you has cleared and the money is in your account . NOT just deposited but actually cleared.
Good luck

silveredquill
Member
0
silveredquill
September 6, 2013 7:19 pm
I both inherited as a child and worked as a record searcher for a similar company, and they are not a scam. Reputable “Heir Searchers” never ask for money from the heirs, and 25% is not a particularly large fee. I have seen 33%. It takes many hours/days of research and original proof documents (all paid for by the searching company before they contact you) to prove that the heirs are the correct persons. If a company approached me, I would not hesitate to sign on as their client, and the contract will state that the heirs do not pay… Read more »
cw
Guest
0
cw
September 6, 2013 8:58 pm

I misspoke to say we paid a fee. The fee did come out of the money owed. Like I said, after 20 years I am sketchy on the details. But it wasn’t a scam.

Alan Harris
Guest
0
Alan Harris
September 7, 2013 10:12 am

So long as you dont pay an upfront fee, and your content that you cant do the research yourself………choose between these 2 statements :
a/ I’d prefer to lose $16.5k than $5.5k
b/ Honey, I just found $16.5k down the back of the sofa.
Personally, Im a ‘glass is 1/2 full’ man.

Alan Harris
Guest
0
Alan Harris
September 7, 2013 10:30 am

By the way: I’ll happily buy the rights to this policy from you, so long as you send me details of the finder company first.
and
If you lost an uninsured $22k diamond ring, wouldn’t you offer a reward for its safe return ?

tryingtocatchup
Guest
0
tryingtocatchup
September 9, 2013 5:37 pm
I got a call like this a few years ago. The heir hunter knew enough about my funny family to make me think she knew what she was talking about. I, my father’s cousin’s daughter, and my father’s other cousin’s five kids would be the heirs of an overlooked account left by my father’s half-cousin, so I stood to get 1/3 of what was supposedly $100K. I had a lot of conversation with the heir hunter, but during the process I found out the name of the deceased’s lawyer, and called him up. He said that they knew all about… Read more »
Denise
Guest
0
Denise
October 14, 2013 2:21 pm
There are companies that scour the death notices and then check the local State Dept. of Revenue where the deceased lived to find their name or a similar name for unclaimed assets. It’s a scam. You can do the same thing on your own by going online to the state website where you live (i.e., State of Georgia Dept of Revenue, State of NJ Dept of Revenue, etc.), and check on unclaimed assets. These scammers were the subject of a recent news report, where they laid claim to something that actually belonged to others with a similar name, and they… Read more »
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