Sole beneficiary with will inheriting jewelery?

Question

Do I have to list the jewelery collection with the courthouse. Assets

include a paid up mobile home under 100k. There are no debts.

I am an only child too. The will mentions property but not the jewels.

The jewels would put the estate to over 100k. I want to avoid a

probate and lawyers. I wore some of this jewelery in the past and it is mostly all 30 years old and up. Can I just consider it mine?

Answer 1

This is a common situation. Assuming this is a close relative, like your mother, she may have at some point stated you could have the jewelry or intended that. Since she let you wear it and it appears to be family heirlooms owned for over 30 years, that seems likely and may be why the will does not mention it. What often happens is that relatives divide sentimental items not mentioned in the will among themselves, unless the estate is so large it would trigger estate taxes (not likely here). The worst that can happen is two or more relatives want the same property. That could require probate to sort out. It does not sound likely in this case because a mother's children would inherit everything if there was no spouse and no will and it sounds like you are her only child.

Generally, you do not need to go to probate unless no will exists or no executor is named in the will. In this case, since there is a will, a sole beneficiary who I assume is her only child, and the estate is fairly small, it should not be necessary to go to probate. You may still need an attorney to assist with transferring the title to real estate into your name.  

Answer 2

Whether or not the estate needs to go through formal probate is up to State law.  Some states allow for a "fast track" probate process if the value of the estate (or usually the total assets of the estate) is less than a specified amount.  You MUST include the value of ALL assets of the estate in making this determination.  If the total assets exceed the State limit for the fast track process then you must go through a formal probate procedure.

Unless the jewelry was actually given to you at least 5 years prior to her death then it is part of the estate for probate purposes.  Merely wearing it on occasion does NOT constitute a transfer of ownership to you.  The fact that you returned the jewelry to her conclusively buttresses the assumption that no change of ownership took place.  Further, gifts given within 5 years of death are presumed to have been given "in anticipation of death" and are therefore included in the estate valuation unless circumstances clearly indicate otherwise.  For example, a gift given by a younger individual who then dies in an accident would not be treated "in anticipation of death" unless they committed suicide.  But a gift from an elderly person who dies in an accident could well be treated as having been given "in anticipation of death."

Consult with a local probate or estate attorney for advice specific to your situation.

Answer 3

This is a tricky area, but here's some advice about assigning value to the jewelry. Take it to a jeweler or pawn shop and find out how much they would pay for it. That is its true value to you.

When my mother died, her jewelry was appraised at a value more than ten times what we were offered in cash. Her car was appraised at double what we could sell it for.