🔺 r/personalfinanceuParking_Wolf_4159·14 days ago
My mother died nearly 6 years ago and controlled my father's finances. Said she had a savings account for him (she didn't), and she had two credit cards maxed out along with a HELOC.
[Rhode Island, USA] My father had a lawyer (not one who specialized in finance, mostly in criminal law but also did probate) who we used after my mother died also look into possible bank accounts under her name or my father's name, and he couldn't find anything of note. My father called places himself like Merrill Lynch (where they used to have an stock portfolio) and couldn't find anything either. The debt on the credit card we didn't know about was forgiven, but we still haven't found any trace of the 150,000 dollars in savings my father believed he had, which he said was left over from what his mother left him when she passed. After that, I believe he talked to two financial advisors/investigators that said they probably wouldn't find anything and it wasn't worth the price/effort. That was probably a few years ago at this point, and he became disinterested after that in pursuing the matter. He had an IRA of about 50,000 dollars that was made after his retirement that wasn't touched by my mother, and that's all the savings that he has at this point, and it's not much. It has been 6 years and after me encouraging him to try again (he seems stubborn and lackadaisical about it, whic…