why does the lawyer need to know all my mothers assets

What happens to the money in my mom's bank account when she dies?

The law requires the estate to pay the deceased person’s bills before distributing money to the heirs. So the money in your mom's account must first go to her creditors. If there is anything left, you get it.

What are my rights as executor of my mother's estate?

Currently, as long as the property was your mother's, her estate owns the property, not you. As executor, you are the one with the authority to make all of the decisions with regard to the property, but you do owe a fiduciary duty to the heirs (presumably, to you and to your sister)to maximize its value.

Can creditors hold the assets of a deceased person?

Holding the assets of the decedent in an effort to prevent creditors from reclaiming their debt is a risky proposition. Creditors have the right, after enough time passes, to petition the court to open the probate estate themselves.

Can a family member take assets from an estate?

No one, including family, should begin to take or distribute assets. An estate needs to be opened and a personal representative or executor needs to be appointed. It is very difficult to recover assets after they have been distributed or taken.

Do you list your assets in your will?

Making a list of all valuable assets helps you ensure that you're not accidentally leaving any significant property out of your Will. If you have significant property or assets, or particularly elaborate investments or financial arrangements, determining the best way to distribute those assets may be complicated.

What items are considered part of an estate?

An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.

Can someone steal your inheritance?

Inheritance can be stolen by an executor, administrator, or a beneficiary, such as a sibling. It can also be stolen by someone who is not a family member, or a person completely unrelated to the estate.

What does an executor have to disclose to beneficiaries in Ontario?

Executors have a duty to account to the beneficiaries. This means, 'provide an accounting of all of the assets of the estate, all income (and losses of the estate), all expenses of the estate, and all distributions of the estate. This duty is supervised by the Courts via the process of 'passing of accounts'.

Is a bank account considered part of an estate?

Unless a beneficiary is named, any money in your checking or savings account will become part of your estate after you're deceased. Then it has to go through probate before any of your heirs can access it. Probate is a legal process by which the assets of an estate are distributed under a court's supervision.

How does an executor find assets?

One of your duties as an executor includes searching for known, unclaimed or lost assets. This involves contacting all relevant financial institutions and gathering accurate information on the deceased's estate. You may not know where to start or have the time to do this.

How do you deal with greedy siblings?

To deal with greedy siblings:Cultivate empathy for them and try to understand their motives. ... Let them speak their peace, even if you disagree.Be understanding and kind to the best of your ability.Take time to think about your response to them if you feel overwhelmed or triggered.More items...

Can I sue my sister for stealing my inheritance?

Legal Action Against Family However, you can request legal action if you suspect theft or have evidence that your brother or sister has stolen your inheritance or assets. Though it is uncommon for our clients to jail their siblings, it is an option.

Can an executor withhold money from a beneficiary?

Executors can withhold monies from beneficiaries, though not arbitrarily. Beneficiaries may be unable or unwilling to receive a gift by a will. The executor's job is onerous and the time taken to execute a will may vary greatly.

Can beneficiaries see estate accounts?

Generally speaking, the only people who are entitled to see Estate Accounts during Probate are the Residuary Beneficiaries of the Estate.

Do executors have to keep beneficiaries informed?

In most cases, the executors (or, if there is no Will, the administrators dealing with the estate under the Intestacy Rules) do keep the beneficiaries informed and answer any requests for information but sometimes they don't.

Can an executor override a beneficiary?

Ways an Executor Cannot Override a Beneficiary An executor cannot change beneficiaries' inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray from the terms of the will or their fiduciary duty.

What are some indicators that your loved one could be taken advantage of?

Some indicators that your loved one could be taken advantage of include: Transfers of money or assets into a non-family member name without explanation. Changes in a loved one’s will or power of attorney documents. Living conditions that drop below what your loved one can afford.

What are some examples of financial abuse in nursing homes?

Some common examples of nursing home financial abuse can include: Cashing a senior’s checks without authorization or permission. Forging checks in the victim’s name. Stealing their money or possessions and selling them for profit.

What do people think of nursing home abuse?

When people think of nursing home abuse, they think about physical abuse, neglect, or even emotional trauma. However, financial abuse is just as prominent and often goes undetected. By the time family members realize their loved one is a victim, they can lose their savings, investments, and precious assets.

How much does financial abuse cost?

In fact, according to the National Council on Aging, the annual cost of financial abuse committed against older Americans ranges between $2.9 billion and $36.5 billion.

Can seniors give away their assets?

Sadly, seniors can be exploited and tricked into giving away assets by nursing home administrators and caretakers – those they trust. Anyone that has access to a senior’s finances can do this, including friends and family as well.

Can a nursing home administrator abuse a power of attorney?

In some cases, nursing home administrators, who have a financial power of attorney in order to pay for expenses in the nursing home for that patient specifically, abuse that power by stealing from their residents.

How to keep beneficiaries from worrying?

To keep beneficiaries from worrying (and complaining), don’t wait for them to come to you. When you take on your executor’s responsibilities, starting with filing the will and securing estate property, let everyone know.

Who must have a copy of a will?

Obviously, the executor must have a copy of the will. He’s responsible for settling the deceased’s estate according to its terms. He must review it to understand who the beneficiaries are and to learn of any special restrictions or instructions that might exist about their shares of the estate.

What happens if you are the executor of a trust?

If you’re the executor, the beneficiaries’ anxiety can come back to haunt you in a big way. If they convince themselves that you’re doing a bad job as executor or that you’re dishonestly depriving them of their inheritances you could even end up with a costly, nasty court battle.

What is probate process?

Probate is a mysterious process to most people after all, it’s something most of us experience only a time or two, when a parent or spouse dies. The executor, charged with safeguarding assets, paying bills, and distributing property, has the greatest responsibility. But the process can produce anxiety in other family members, too.

What to do when you have no will?

Tell them that they will named you as executor (or if there’s no will, that you’re willing to take on the job and have priority under state law) and that you’ll be gathering property, paying bills and taxes, and eventually distributing property to the people who inherit it.

Does a pour over will require probate?

A pour-over will also require a probate proceeding, and the successor trustee the individual named to manage the trust after the owner’s death — must receive a copy of the will. It should explain how the executor and the successor trustee should work together to settle the trust and the probate estate.

Can you file a will before death?

Some states allow individuals to file their own wills before their deaths for safekeeping. Many states require that the individual in possession of the will must file it with the probate court when it’s located. Ideally, the document will name the individual the decedent wanted to act as executor of her estate.

If a relative dies, you aren't personally responsible for the deceased's debts. But the estate is

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What are the rights of an estate lawyer?

Your rights are not just limited to inheritance of assets at the conclusion of the estate, but they also include requiring the posting of a bond for the executor to ensure that they administer the estate properly.

Why is it important to understand everything going on in an estate?

It is important that you have a full and complete understanding about everything going on within an estate to ensure that your interests and the wishes of the decedent are protected. Not all assets are under the control of the executor. The executor of an estate, after being appointed by the court, only has control over assets called “probate ...

What is the obligation of the executor of an estate?

Rather, the debts and taxes now become an obligation of the estate of the decedent. This means that the value of a given estate can’t be truly computed until all valid debts, taxes, and costs of administration are paid. The executor is tasked with making sure that all debts, taxes, and costs of administration are paid before assets are distributed.

What is the role of executor in a trust?

The executor is tasked with making sure that all debts, taxes, and costs of administration are paid before assets are distributed. The executor is a fiduciary. It is important to remember that the executor is acting in a position of trust on behalf of the estate and all interested parties.

Why is it important to have an executor?

Since the executor is acting as a fiduciary , it is important that there is no appearance of wrongdoing. This means it is necessary to ensure that all estate assets are protected from loss, theft, damage, or waste. The executor must also ensure that all assets are sold for fair market value.

Why do executors take control of a will?

They often take control because they are designated as the executor under the terms of a will. However, it is important to remember that they are not “in charge” of the estate until the court appoints them in that role, regardless of what a will may say. Talk with a lawyer. A lawyer will be able to assist you with determining what your rights may ...

Why does my estate not get completed?

All too often, estates languish and don’t get completed because the executor, for whatever reason, simply does not make the completion of the estate a priority. They allow the estate to sit inactive. You need to talk with your attorney about things you can do to assist the estate process towards completion.

Why do creditors have to hold the assets of the decedent?

Holding the assets of the decedent in an effort to prevent creditors from reclaiming their debt is a risky proposition. Creditors have the right, after enough time passes, to petition the court to open the probate estate themselves.

Why is it important to protect assets after death?

Assets need to be protected. Following the death of a loved one, there is often a period of chaos. This, coupled with grieving, presents a unique opportunity for those bent on personal benefit. It is important for the family, even before the opening of an estate, to protect all assets that belonged to the decedent.

Why don't people open estates?

Many people believe they don’t need to open an estate because their loved one did not have a lot of money. The mistake with this belief is that the debts and taxes of the decedent often go unpaid while assets are distributed. The family is then surprised when a creditor or the IRS shows up looking to recover their claim.

What happens if there are insufficient assets in an estate?

If there are insufficient assets in the estate to satisfy all the debts or tax obligations of the decedent, those debts and obligations do not become the responsibility of family and friends. Many will assume responsibility, believing it is the right thing to do, but they are not legally required to do so.

What to know after death of loved one?

10 Things to Know After the Death of a Loved One. A power of attorney is no longer valid. Many people believe that, as the power of attorney , they continue to have the power to administer an estate following the death of a loved one. This simply is not the case. A power of attorney is no longer valid after death.

What is the phone number to call for probate?

If you have questions about the management of your loved one’s estate or the probate process, call us anytime at (888) 694-1761 to get answers.

What to do after losing a loved one?

After losing a loved one, your focus is on your family and on grieving the loss —not administering the estate. But there are many concerns that must be resolved to ensure your loved one’s final wishes are respected while protecting the bonds of your family. Knowing what to do before grief strikes can help you navigate the difficult time ...

What happens when a loved one passes away without a will?

When a loved one passes away without a will in place, distributing the estate can prove complicated . In many cases, the estate of the deceased person may need to be probated, tasking the court with identifying heirs, ensuring the estate debts are paid, claims are resolved and any remaining estate assets are divided amongst the heirs.

What happens if a family member dies without a will?

If you or a family member dies without a will, the court will need to step in to determine who are the legal heirs of the estate. The process involves the court hiring an attorney who determines if you had a spouse or any children. If you or a family member don’t have either of …. Continue reading.

What are the complications of an affidavit of heirship?

Factors that could complicate matters include: Possible existence of an unknown child of the deceased person. Lack of communication between heirs.

What is family history?

Family history, including a list of all children born to, or adopted, by the deceased person; Last will and testament details, or lack thereof; Physical property specifics (physical address, including county). You may also need to include information about any other assets that are tied to the estate.

What information do you need to fill out a death certificate?

When filling out the forms needed to have this legal document prepared, you will need to include at least the following information about the deceased person: Last known legal residence. (even if they actually were living somewhere else, such as at a nursing home, or they were in the hospital.) Marital history.

How to finalize an affidavit?

Finalizing the Affidavit with Help from a Notary Public. To finalize this document, two disinterested witnesses will need to verify your claims of heirship. To be considered a disinterested witness, they must have zero rights to the estate. They must also not benefit from the conveyance of the real property in any way.

Can you avoid probate if you have a small estate?

The short answer is no. The longer answer is “yes, but it gets complicated.”. The only reason to avoid probate is if the estate is so small that it would be less expensive to find ways to avoid probate than to actually go through the full process. If the estate is small and simple, it …. Continue reading.

What happens when an estate is resolved?

When it happens, the resolution of the estate will depend on how big it is, how complex it is and how many heirs claim to have rights to a piece of it. State law comes heavily into play in these cases, and the courts would determine who should be appointed to administer and settle the estate.

What happens if you co-own a house?

If the house was co-owned with right of survivorship, the property would automatically go to the surviving partner’s name. If it was co-owned without right of survivorship, the title would then pass as the Will or Estate Plan document states.

What is the Real Estate Settlement Procedures Act?

The Real Estate Settlement Procedures Act (RESPA) is a Federal law that dictates how lenders operate and requires borrowers be provided with appropriate disclosures about the costs and nature of the settlement process. It also prohibits things like kickbacks and limits how escrow accounts are used.

What is the first step in settling an estate?

The first step (and one of the most important ones) in the process of settling an estate is getting organized . You’ll want to keep track of both your expenses and all the time you spend working on settling the estate, as you’re entitled to be compensated. You should look for a Will.

What do you do after a letter of administration?

After you have what’s known as the Letters of Administration (which are granted by the courts and appoint one person or people authority to deal with an estate), you’ll want to set up a bank account. Use this account to collect money that may be owed to the deceased person (i.e. any final wages or insurance benefits).

Is estate planning complicated?

Estate Planning can be complicated or it can be simple. But regardless of how complex an estate is, establishing what happens to it once you pass away is important. Because when the time comes for it to be settled, you want the process to be as efficient and effective as possible.

Do all estates need to go through probate?

Keep in mind, not all estates will need to go through probate - probate laws can vary significantly depending on what state you’re in and the size of the estate. If there was a Trust set up, or if the estate is very small in value, it may avoid probate all together. 3. File the Will & Notify Necessary Persons.