I'm not sure about your state, but, in Minnesota when a vehicle title is transferred, even between family members, sales tax still needs to be paid on the fair market value of the vehicle.

Ron

Are the estate taxes filed? My Dad's attorney did those, there was no monies owed.

I'd be real careful about throwing away many legal documents. Six yrs. after my Dad died we had to track down a check he'd written my son for $10,000. The son was going through a divorce and we never did come up w/ it. Just don't get in a hurry about getting rid of stuff. You may change your mind.

Vehicle title--I've already checked at motor vehicles, we're just changing the name on the registration. No tax owed since its a son (direct descendent), and he can even keep her same plates. I'm sure there will be some sort of fee, but DB can pay that. And we should be getting an insurance refund--she just paid for the entire year this fall.

There shouldn't be any taxes owed on the estate sinceit's well under the minimum limit, but have been in touch with my accountant, and we'll be doing whatever filing is necessary.

Paperwork--was just saying to my sister the other day, once I've finished with all this, I'll probably box everything up, and store it, just in case.

But thanks for the suggestions--keep them coming, I'm sure someone who has been through this before has some ideas I haven't thought of.

I envy you.
My mother died back in August, should have been very simple, but one of my sisters is stalling settlement. We had to turn it over to attorneys to settle.
No end in sight.

Wow, that's quick! Here, it usually takes about a year to do it all. My only suggestion is to document, document, document, document....... And don't throw anything away!

Tami

The car is technically part of her estate; its value should be divided among the heirs, no? Or everybody else's share deducted from your brother's share of the cash (if there is cash)? I'm assuming all the heirs are OK w/ your simply passing the car over to him, though.

Best of luck; I think that must be hard, both to lose your parent, and then to also deal w/ the difficult logistical & legal issues of the highly-charged task of dismantling her life.

When my dad died I kept everything from the day of his death and all his financial records from the prior two years.

Don't forget to pay yourself for expenses incurred while executing the estate. You are also legally due a percentage if you wish.

Keep a few copies of the death certificate on hand. You may need them in the future should something unexpected come up.

Technically, yes, the car is part of the estate, and should be divided equally. DB has offered to pay it's blue book value, but it's only worth between $1200-1500 (old clunker) and no one objects if we just give it to him. Besides--here's the thing--this has always been our 'free rental' car. Mom hadn't driven in years, just kept it because it was easier to take her out in it than in my high SUV. And when any of us needed to borrow a car (ours was in the shop, for example), she'd lend it to us. So DB has said that will continue to be the case--any of us can borrow if we need it. I see no reason to charge him for it.

Apparently, since her estate is very simple (other than the car, she only had bank accounts--no real estate), and because it's passing to direct descendents, it's simpler. I won't totally close everything out until the end of the year or so, but have been told I can start making dispersements at any time.

Documenting? You have no idea--I'm SO anal about that sort of thing. My accountant was laughing at me, because there was some cash. Maybe a couple of hundred $$$ from her purse and a basket of change in her apt--and I've even documented to the penny what I've used that for (lunches when we were cleaning the apt, stamps, etc). Fact is, in our state, because of the heirs involved (all children), I don't have to file any accounting--but it's good to have it, just in case there are questions. I intend to make copies of everything I've done for each heir, when I settle things.

Fortunately, I don't think there will be any disputes among the siblings--all are very comfortable with me handling things and know that if it ends up there's one penny left over, I'll cut it in quarters, rather than have things end up uneven--LOL.

Sounds like you're doing a great job in a very difficult situation.

I settled an estate a few years ago when the remaining spouse of an elderly couple passed away. They'd been in a nursing home - & assisted living before that - for several years so only a small amount in the checking acct. Every bank statement, I copied & sent to the co-POA's who lived 4 hrs away. (The only child could NOT be trusted, period, and I documented in detail.) The bank advised I keep their records at least 5 years even after the acct. was closed.

You are blessed to have siblings who don't want to squabble! Still, document as you're doing. You just never know when someone (not siblings) will try to raise a stink of some kind!

Two years after MIL died, DH found a savings bond worth over $1000. Her name was on it plus POD my husband's (her son). We needed her death certificate to cash it.

My mother died a year ago and my father three.
We're still sorting out the estate.
The sister who handles the money waited until Mom had been gone six months before dispersing the money (as per my Dad's will) and held back funds for anything that may arise.
And arise, it did.
250 acres of my parent's estate has never been transferred to the trust/agreement between us (the estate) and my brother for the ranch and it's a big mess.

As far as the vehicle goes there'll only be a problem with who gets it...who pays the taxes...who does anything unless another family takes issue and legally pursues it. I bought my mother's car two weeks after she died. It would have been sooner but I wanted to wait until the title was available to sign over to me.

Each state is different.
Making blanket statements of what anyone should or shouldn't do can be confusing at the least or dangerous at the worst.

If you have questions, I'd contact the lawyer/cpa/estate planner before proceeding. The executor of my parents estate did not and now she's spent nearly $40,000 of the estate's money sorting it out.

Lori

You might also want to check your state's 'lost accounts/returned checks' Indiana's is via the Atty Gen office... but your state should have one also. At some point, my parents didn't receive a check from a mortgage co... $80... whoo hoo.. but it keeps coming up in the newspaper advertisements listing unclaimed property.. Since my dad died over 30 years ago & since there's no easy way for Mom to get another 'death certificate' without spending more than $80 == she's just decided to let it go -- but it's driving EVERYONE else nuts -- people will stop me in the street to say that they saw their name & Mom needs to get that $$ -- Then I have to go through the whole explanation... Anyway -- get some extra certificates... just in case -- & check your state's link.. Really, everyone should... you move -- forward mail.. but that doesn't always work and things get returned to senders...

Here is a link that might be useful: Indiana Unclaimed accouts

Well, the update is--in case anyone was curious.

We were able to just update the title, changing it to my brother's name. He kept her tags. It's not technically a sale, so there was no sales tax, and the whole thing only cost about $25, I think (but he paid for it). Took less than 10 minutes.

Cate52--is that right? Death certificates cost that much in your jurisdiction? I know they're considerably less here--I ordered 10 of them--think they were maybe $25 each. Actually, I've found that death certificates aren't that useful--you only need them for POD transactions, really. The thing you want to order extra of is the SHORT CERTIFICATE. That's the one you need to establish your legal right to conduct estate business. I'd strongly recommend that anyone going through this in the future get several more short certificates than they think they need--I'd go with half a dozen if I were doing this over.

If any of the money is in an 401K/IRA type account and you want to keep it in that kind of account, you need to have the funds tranferred directly from the original account to a new account. Unlike "normal" IRA/401K transfers (in which you can liquidate and reinvest funds within 30 days), if you liquidate the inherited 401K/IRA you'll be taxed on the distribution as normal income.

We didn't know this, and my dad's tax advisor/accountant didn't advise us about it, so me and my siblings got whopping tax bills.

When we needed a certificate of death regardng my old uncle, over two years after his death, the funeral home gave me one in 10 min. with no cost.

I'm trying to recall what it was for (a fairly minor issue) but the funeral director said that he hadn't heard of needing a death certif. for that situation, before.

Now I remember - it was for having the phone co. allow me to change the phone number to be listed under my name, after my move-in (about a year following his death).

Actually, it was about a year and a half after my move-in, as I'd not bothered to change it from his name through the first deadline for listing, about 6 mos. after my move-in, which took place about a year after his death.

The estate had paid the phone bill until the farm was sold ...

... don't know what the phone co. would have done had I told them that the old guy was dead, so couldn't very well pay the bill, and, as they knew, the estate had been paying for a year, and it wasn't their affair any more ...

... and that I'd been paying the bill, listed under his name, for something over a year ... so, if they weren't willing to list my name ... whom did they propose to bill, which was coming in his name, every month?

That I could give them the address of the cemetery, if they wished - but the phone wasn't located there!

Shut down the number, I'm sure (and charge me $XXX to set up a listing, whether that number or a newly issued one).

As it was, I think that there was a fee to transfer, though I don't recall how much.

I bought shares in that phone co., later.

Did you advertise for outstanding debts? Don't know what rules apply in your jurisdiction, of course ... but I'll bet that there are some.

I wouldn't be in a hurry to disburse nearly all of the assets, for if there should be a claim later and the beneficiaries aren't willing to cough up a pro rata amount ... guess which canine gets the can tied to her tail?

When Dad died, just over 20 years ago, step-mom having pre-deceased by a couple of years, the brother located near there, that had taken over the farm years before, was executor (think he charged minimal, if any, executor fees: mainly costs, I think) and dealt with all of the issues over about two - three years. He, I and our previously-deceased brother's three kids were the main beneficiaries.

No whisper of a hassle over anything - we're not the hassling kind.

Also, usually hassling costs a lot more than the amount that was the subject of the hassle.

Good wishes for continued easy executrix journeying - with no complaints.

ole joyful

No, no IRA or similar. She had all her money in CD's at the bank I use myself, so it was a very easy, comfortable transaction to set up the estate account.

OJ--no requirement to advertise for debts, I asked when I filed for Probate. And I've been pretty much handling her finances for the past couple of years, so I really have a good idea of who she might owe--have already checked with most of them. Think there's maybe one $7 newspaper bill outstanding, but other than that, I think we're good.

Actually, I'm still tracking down money she's OWED--seems to be more of that than debts. She seems to have some unclaimed funds that I've sent to the state to investigate. And her auto insurance was paid for the year--she's due a rebate there, too.

Phone company didn't ask for any documentation when I called to cancel her phone. Interestingly, neither did the AARP--I'd JUST mailed her entire year's premium for her supplemental health insurance within days of her death. I called, told them she'd died, asked that the refund be sent to MY address (not hers) and they said 'okay'. I asked--don't you need me to fill out a form, provide some sort of documentation? No. And the check arrived within about a week. Unbelievable. What if I hadn't been who I said I was?

As to dispersing--I'm not rushing to settle the whole estate, but according to my accountant, I can make a partitial dispersement at any time. So I figure, in a couple of months, once the taxes are paid, I've gotten the auto insurance rebate, etc, I'll probably give the siblings most of their share, keeping back $10,000 or so just in case anything extra turns up.

We seem to be working through this hassle-free. At some point, behind my back, the sibs apparently discussed and agreed that I should be given all the money that was left in my mom's checking account (it's not part of the estate, because she'd put my sister's name on the account, so it technically went to my sister, but she closed out the account with a check written to me). Their reasoning--because I've got all this wrap-up to handle and mainly because they aknowlege that it's been my help during the past few years that allowed mom to live independently in an apt as long as she did (rather than in a nursing home that she'd hate). I think I can count on everyone to 'behave', don't you?

Guess the worst glitch we've had so far? When cleaning out mom's apt, I endeavered to make sure everyone got the pieces that meant the most to them. There was this 'lobster dish' that no one seemed to want (at least I hadn't heard anyone express interest). Talked my brother into taking it--one of those things that had been in the family for a couple of generations and I didn't want to see it given away, sold or disposed of. Turned out my sister wanted it--I didn't hear her say that, and she didn't take it the day she was up. My brother's happy to give it to her--delivering it today, as a matter of fact.

Good point about hassling being the more expensive option--LOL--I agree totally!