Complete Executor's Guidebook : A Step-by-Step Guide for Executors and Perosnal Representatives

by Berkley, Benjamin H.

• ISBN13: 9781572486041
• ISBN10: 157248604X
• Format: Paperback
• Copyright: 2007-06-01
• Publisher: Sourcebooks Inc

Summary

A step-by-step guide to settling a loved one's estate. Being an executor or personal representative is no easy task. For many, the job comes at a time of high emotion and is something that has never been done before. The Complete Executor's Guidebook is here to help ease this troubling time and make this overwhelming task manageable. It gives you everything you need to navigate through all the paperwork and responsibility that comes with this role. It takes you step-by-step though all of the legal and financial matters that must be completed and provides you with a plan to timely settle an estate. With it you will feel confident that you are doing everything you need to do, such as: - Preparing for your role as an executor or trustee - Making claims for insurance, social security and other benefits - Understanding the will or trust provisions - Handling situations when documents are missing - Going to court - Dealing with taxes - Finding your state's laws - Working with lawyers, accountants, insurance agents and others

Table of Contents

Preface

Introduction

Frequently Asked Questions

Preplanning and Transition

Plain English Definitions

Wills and Probate

Trusts

Making Sure the Shoe Fits

Accepting or Declining the Appointment

Anticipating Demands of the Heirs

Stepping Up in a Time of Need

Think About it

Resigning After Accepting the Appointment

Preplanning: A Conversation with Your Loved One

The Testator's Last Wishes for Funeral and Final Interment

Storage of the Documents

The Consequences of Items being Kept in a Safe-Deposit Box

The Reluctant Testator

Potential Future Issues that could Affect the Estate

When Death is Imminent

Providing Assistance in Making Legal Decisions

Petition for Conservatorship

Alternative Housing Options

Hospice Care

At the Time of Passing: Your First Steps

Making Funeral Arrangements

Managing the Estranged Spouse

Funeral Expenses

If Death Occurs at Home

Anatomical Gifts

Autopsies

Placement of Children with the Guardian

Taking Care of Pets

If the Decedent Lived Alone

Help Someone Else and Recycle

At the Time of Passing: Managing the Survivors

Providing Emotional Support

Managing Sibling Rivalry

Show Me the Money: Managing the Greedy and Impatient Heirs

Managing the Heirs' Expectations

Managing the "Entitlement Disease" Factor

A Few More Words about the Grubby, Greedy Heirs

Dealing with Estranged Heirs

Do Not Take Sides

Be the Peacekeeper to Your Family

Confront Resentment Head-on

Respect the Grieving Process and Religious Customs

At the Time of Passing: Notification and Getting Organized

Locating the Will and Other Estate Planning Documents

Reading of the Will

Notification

Obtaining Death Certificates

Solving Immediate Problems

Estate Administration

Locating, Organizing, Itemizing, and Categorizing the Assets and Liabilities of an Estate

Locating the Assets of an Estate

Examine the Contents of a Safe-Deposit Box

Discovery of Embarrassing Assets

Discovering Stocks and Bonds

Review Correspondence from Attorneys and Other Professionals

Wrongful Death Claims

Review Past Tax Returns

Review Correspondence from Real Estate and Title Insurance Companies

Itemizing the Assets

Categorizing the Assets and Liabilities

When a Safe-Deposit Box is Jointly Owned

Navigating the Sea of Probate

Understanding the Need for a Formal Probate

Getting Started: Initiating a Probate Action

Probate Time Line

Step One: Filing the Petition for Probate

The Role of an Attorney

Where to File the Petition

Ancillary Probate

Step Two: Producing the Original Will

Step Three: Giving Notice

Step Four: The Initial Probate Hearing

Proving the Validity of the Will

Handwritten Wills

If the Maker of the Will was Physically Unable to Sign His or Her Name

When There are Two or More Wills

Whether You Should be Appointed

The Requirements of a Surety Bond

Prior to the Hearing

Will Contests

Formal Probate: The Next Steps

Acknowledgment of Responsibilities

Duties and Liabilities of Personal Representative

Overview of the Responsibilities of a Representative

Bank Accounts

Form SS-4

Inventorying the Estate

Formal Notification to Creditors

Collecting Debts Owed to the Estate

Filing the Accounting and Closing the Estate

Distributing Assets to Beneficiaries

When There is No Will

Understanding the Need for Intestate Succession

Untangling the Legalese into English

Determining Who the Children Are

Other Heirs at Law

Interpreting and Enforcing the Language of the Will

Interpreting Who Receives Specific Gifts

Interpreting Conditional Gifts

Interpreting When a Child is No Longer a Minor

Interpreting Who is the Child of the Decedent

Interpreting Gifts for Pets

Interpreting Assets Left to a Group

When a Will Makes Illegal Provisions

When the Maker of the Will Tries to Control from the Grave

When a Will's Provisions are Illogical

When a Will Leaves Property that No Longer Exists

When the Will Leaves Non-Probate Assets

When a Will Leaves Property to a Former Spouse

When a Will Excludes a Spouse's Legal Rights

When the Will Leaves Property to a Testamentary Trust

When the Will Leaves Property to a Pourover Trust

When a Formal Probate is Not Required

Transfer of Assets by Affidavit

Sample Affidavit for Collection of Personal Property

Sample Affidavit of Domicile

Summary or Informal Probate

Managing the Assets and Liabilities of an Estate -

Managing Assets that Diminish in Value

Managing Real Estate

Evicting a Tenant

Managing Personal Property

Managing Investments

Managing an Ongoing Business

Managing Debts of the Estate

Creditor Claims

Obtaining Benefits for the Estate

Life Insurance and Annuities

Mortgage Insurance

Widow's Social Security Benefits

Widow's Social Security Disability Benefits

Employment Retirement Plan Benefits

Bank Account Benefits that are Payable on Death

Savings Bond Benefits

Redeeming Traveler's Checks

Redeeming Unused Airplane Tickets and Prepaid Travel

Personal and Estate Taxes

Federal and State Personal Tax Returns

Federal and State Estate Tax Returns

Gift Tax Returns

Your Right to Compensation

Compensation for Administering an Estate

When there are No Available Assets to Pay Compensation

Waiving Compensation

Petitioning for Extraordinary Fees

Importance of Keeping Accurate Records

Your Role as an Advisor

Payable on Death Bank Accounts

Retirement Accounts

Transfer on Death Registration of Securities

Transfer on Death Registration for Vehicles

Joint Tenancy

Revocable Living Trusts

Gifts

Life Insurance

Creating and Revising Wills and Other Documents for Surviving Spouses

Sample Affidavit-Death of Joint Tenant

Sample Affidavit-Surviving Spouse Succeeding to Title to Community Property

Revising the Named Guardian

Continued Emotional Support

Daily Living Assistance

Revocable Trusts and Trust Management

Translating Trust Terminology into English

A/B Bypass Trusts

The Role of the Trustee

When the Trust Names Cotrustees

Declining Your Appointment as Trustee

Comparison of Trustee and Executor

Step-by-Step Guideline for Trustees

Investing the Assets of the Trust

Compensation for Managing a Trust

Seeking Professional Advice

Do I Need an Attorney?

Attorney Fees

Preparing for Your Appointment

Do's and Don'ts for Your First Meeting with the Attorney

Finding a Probate Attorney

Words of Thanks

Glossary

Representative's Checklist

Notification

State-by-State Summary of Probate Laws

Unclaimed Property

Sample Forms

Blank Forms

Resources

Index

About the Author

Table of Contents provided by Publisher. All Rights Reserved.

Excerpts

<p><i>Excerpt from the Introduction of <b>The Complete Executor's Guidebook </b></i></p><p>The Complete Executor's Guidebook is an instructional guide for anyone administering and managing an estate. Regardless of whether the decedent left a will or a trust, or died without making any estate planning decisions, this book provides step-by-step instructions, checklists, and resource information. If it is determined that the estate must go through court procedures, the book provides a simple-to-follow explanation for navigating through the probate process. In addition, it discusses the many nonlegal and personal issues you must address when representing the survivors of an estate.</p><p>The Complete Executor's Guidebook also helps you avoid what could become very costly mistakes for the estate, as well as minimize or eliminate your personal exposure as the representative of the estate. From preplanning discussions with your loved one, to your role at the time of death, and concluding with the closing of the estate, the book will provide both legal and emotional support at a time when it isneeded the most. Finally, it provides a discussion of the ways of avoiding probate.</p><p>The frequently asked questions section starting on page xix acts as a brief introduction to immediate issues. After these, the book is divided into two parts.</p><p><b>PART ONE: PREPLANNING AND TRANSITION</b><br>Chapter 1 provides an overview of estate administration and translates the often misunderstood legal terminology into everyday language.</p><p>Chapter 2 explains what is expected of you as the representative of the estate so that you can decide if you wish to accept your appointment.</p><p>If you have been informed, prior to someone's passing, that you have been appointed as the representative of that person's estate, Chapter 3 discusses conversations you should have with your loved one so that you will be better prepared to assume your role upon his or her passing.</p><p>If death is imminent, you may be called upon to make legal decisions on behalf of your loved one. Chapter 4 discusses powers of attorney, alternative living arrangements, and hospice care.</p><p>Chapter 5 discusses the most immediate issues that must be addressed at the time of passing, including funeral arrangements and the placement of children.</p><p>Chapter 6 discusses managing the immediate needs of the survivors at the time of passing, as well as how it is important for you to remain focused on your role and not allow others' personal agendas to interfere with your responsibilities.</p><p>Chapter 7 discusses who must be notified upon the deceased's passing and the steps you must take in preparation for commencing a probate.</p><p><b>PART TWO: ESTATE ADMINISTRATION</b><br>Chapter 8 discusses locating the will and other estate planning documents, as well as organizing, itemizing, and categorizing the assets of an estate.</p><p>Chapter 9 takes you step by step through the formal probate process and concludes with your court appointment as representative of the estate. It also discusses will contests.</p><p>Chapter 10 discusses all the steps required in completing a formal probate, including filing reports with the court, notifying creditors, and distributing assets.</p><p>If a person leaves an estate but does not leave a will, you may wonder how his or her property is divided. Chapter 11 discusses the laws of intestate succession. </p><p>Even if there is a will, it may be subject to interpretation or may be unenforceable. These matters are discussed in Chapter 12.</p><p>Chapter 13 discusses when a formal probate is not required and how the assets can be transferred by affidavit or an informal probate process.</p><p>Chapter 14 provides a complete discussion of the management of both the assets and liabilities of an estate, including when assets need to be sold and invested. Also, it discusses which bills must be paid even though the estate has not closed. </p><p>The loss of a loved one can create an immediate financial hardship for the survivors. Chapter 15 discusses obtaining benefits for the estate.</p><p>Chapter 16 discusses the decedent's personal tax liability as well as whether the estate will owe federal and estate taxes.</p><p>Chapter 17 discusses your legal rights to receive compensation from the estate for performing your role as the representative of the estate.</p><p>Chapter 18 provides a discussion of your role as an advisor to the estate's survivors, who may seek your recommendations for avoiding probate. In addition, it provides information for revising the survivor's estate planning documents as a result of the loss of the decedent.</p><p>Chapter 19 provides an overview of revocable living trusts and how to administer a trust after the trustor's passing.</p><p>Chapter 20 discusses the role of an attorney in representing an estate. It discusses when an attorney may be necessary. It also provides practical information to assist you in finding the right attorney.</p><p>Chapter 21 is my favorite chapter. Though very brief, it makes sense of the reason why books on estate administration are ever written. It provides information for saying thanks to your loved one.</p><p>Following Chapter 21 is a glossary of the most commonly used legal terms.</p><p>Appendices A - G include reference material, worksheets, questionnaires, and sample forms.</p>