Q: I am trying to receive unclaimed money from my mother’s and father’s estate. The unclaimed amounts are not yet with the state, but are being held by Wells Fargo. I am told I need Letters of Appointment for each. Where and how do I get them? (Pittsburgh, PA)
A: Banks and financial institutions often tell people to “get letters”, or “get a short certificate.’ It sounds like a simple process as if every attorney has a stack of them on file that he can hand out for the asking. What these terms actually mean is that an estate needs to be opened in court. This is usually because the asset is titled in the decedent’s name and can only be passed on to another person from the estate of the decedent. Opening an estate involves preparing and filing a Petition for Probate, estate advertising, Notice to Heirs, Certification of Notice to Heirs, an estate Inventory, an inheritance tax return, possibly income tax preparation and closing of the estate. You should not do this on your own and will need an attorney. My advice is to consult with an attorney. There may be a way to get this money without opening an estate. Some companies accept Waiver of Estate Affidavits, especially if the company is based in another state with different or more liberal probate laws. Also, you may be able to accomplish obtaining this money by a Petition for Small Estate. It has some formality and must go through court but generally should involve less legal fees and time.