When we saw the Wall Street Journal published an article this week called, “Five Questions to Ask if You Are Named Executor of an Estate,” we immediately knew that the article would be a list of the important matters we go over with our probate clients on a daily basis at the Thav, Ryke & Associates Law Firm in Michigan.
Oct 23, 2021 · The legal, accounting and financial complexities can be myriad, shaped by each estate’s unique contents and the patchwork of federal and state tax laws. What follows are a few key issues to help ...
Questions to Ask an Estate Lawyer After Death The death of a loved one is always hard, but the difficulty of handling the estate can make an already difficult situation that much worse. Dealing with the complexities of the estate, closing the financial affairs of a deceased loved one and handling the taxes due can really put a strain on your ...
Mar 29, 2020 · An executor is the person who oversees the estate of a person who died with a will. A myriad of duties are handled by the executor, including the transfer of inheritances to the heirs, the disposal of estate assets and the payment of final bills. The executor petitions the court for probate, the legal proceeding that grants him the legal ...
Not only will you have numerous administrative tasks on your plate, but you’ll also spend time running to courthouses, consulting with lawyers, obtaining copies, and mailing registered letters.
As the executor of someone’s estate, you will be responsible for locating, reviewing, and understanding the will and filing the will with probate court if necessary. The executor must also make funeral arrangements, locate life insurance policies, and obtain copies of death certificates and possibly copies of birth and marriage certificates.
The tasks of the executor are many, and it takes an organized person to keep track of deadlines, bank accounts, phone conversations, email correspondence, life insurance policies and claims, and copies of all records.
In some states, if you fail to file the will, you may even face criminal charges. [ 1] Find out: The Tough Talk About Terminal Illness and Your Finances. 6 of 7.
Before you agree to take on the many detailed and tedious responsibilities of an executor, it’s crucial that you make sure you have the personality and skills necessary to settle the estate without causing undue stress and disruption to your life.
You’ll need to manage estate assets and open a separate checking account for the estate so the decedent’s funds don’t commingle with your own. The executor must then pay from the estate any debts, taxes, and expenses owed and distribute assets to beneficiaries before settling the estate. 2.
If you’re a person who stays on top of necessary tasks, great. If you’re a procrastinator, however, the executor appointment isn’t for you. Dragging out a settlement of the estate won’t just irritate beneficiaries, either.
If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options with an experienced estate attorney.
Call Arizona Estate Attorney Dave Weed at (480)426-8359 to discuss your case today.
The days and weeks following the death of a loved one can seem like a blur. The grieving process is difficult enough, but there will also be a funeral to plan, relatives to notify and financial issues to handle . Meeting with an estate attorney as soon as possible can ease your burden and make a difficult time easier to bear.
The best way to protect the assets is to open the estate right away.
If you are unsure about the tax situation, you should contact the person who handled returns for the deceased. They should have copies of past tax returns, and they should be up to speed on any outstanding audits, tax debts or other issues. The days and weeks following the death of a loved one can seem like a blur.
There is a great deal of confusion about how debts are handled when an individual dies. Some people think that these debts simply disappear when the debtor dies, but that is not always the case. While some debts are forgiven on death, others follow the deceased and become part of the estate. The good news is that the family members ...
The death of a loved one is always hard, but the difficulty of handling the estate can make an already difficult situation that much worse. Dealing with the complexities of the estate, closing the financial affairs of a deceased loved one and handling the taxes due can really put a strain on your emotions.
Accounting for assets and liabilities is an executor’s primary responsibility. If the information about assets and liabilities and their location is current and accessible, it’ll make everyone’s life easier. Asking the testator (maker of the will) to maintain an updated list along with their estate planning documents can be helpful in guiding you as an executor.
If they choose you as their executor, it is important to speak with them, so you are prepared to carry out their wishes efficiently. Taking initiative and having conversations now can save time and unnecessary stress in the future.
Important documents may include wills, trust documents, birth certificates, marriage certificates, divorce decrees, military discharges, etc. Knowing where to find these documents is essential. An executor needs to be able to find and access the documents easily.
If the box is in the name of a revocable living trust, the successor trustee can access the box without going to court. It may be wise to keep copies of these important documents with an estate planning attorney. 2.
Digital assets may not immediately come to mind when you think about estate planning! Nevertheless, most people have an online presence. If the testator has not updated their estate plan recently, they may have neglected to include their digital assets.
The individual may have included these preferences in their will, but it’s helpful to have their wishes spelled out in a separate document, as well. In general, the more specific they can be, the better. Family members and loved ones may have different recollections of someone’s wishes.
Duties for a Co-Executor of a Will. How to Ask the Executor for a Copy of the Will. An executor is the person who oversees the estate of a person who died with a will . A myriad of duties are handled by the executor, including the transfer of inheritances to the heirs, the disposal of estate assets and the payment of final bills.
The exact procedures for probate vary by area, but probate courts generally require the executor prepare and submit an inventory list that includes the deceased person's assets and personal belongings, and submit signed releases from each heir for estate distributions and proof of the transfer or sale of assets, as well as the purchase price.
An executor who mishandles the estate may be personally liable for damages to the heirs. Anna Assad began writing professionally in 1999 and has published several legal articles for various websites. She has an extensive real estate and criminal legal background.
A deceased person who left her total estate in equal shares to two heirs, for example, may have real estate or other valuable personal items. The executor can sell the real estate or items and divide the proceeds between the heirs, or make arrangements with an heir who is interested in buying the property or belo nging.
Should the heir decide to give the ring to another relative, the executor is not liable as long as he has a signed release from the heir stating she received the ring. A will that does not have specific bequests leaves the executor with some decisions to make.
The heirs have the right to view the will and the financial documentation for the estate, including inventory and current creditor claims. Some states require automatic disclosure to heirs of each action the executor takes, while other states allow heirs to file a form in court that asks for notification of the executor's activities ...
Payment varies depending on the attorney, but normally, once the estate account is open, fees are normally paid through that source by the personal representative or executor of the estate.
Ask the attorney how long he or she expects it to take, which can normally be six months to a year depending on how big the estate is .
Probate law also has a specific order by which creditors are to be paid. It is important that the executor get this information to appropriately pay creditors before closing the estate to avoid any future liability.
It helps to come prepared before meeting with a probate attorney to help the process go smoothly.
Copies of any deeds for real property owned by the deceased; Copies of all bills for any obligations of the deceased; Death Certificate ; A list of the names and addresses for all beneficiaries listed in the will or non-probate assets.
The original of the Last Will and Testament for the deceased, or at least a copy if the original has already been filed with probate court; If any documents have been already filed with probate court, bring copies of these; If a living trust existed, bring copies of these documents;