Executor accountability
8 years ago
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Comments (21)Golddust- I understand the point you are making regarding my sister's responsibilities vs. mine. My sister did live in the same town as my mother and I live across country. This is always difficult. I had the burden of not being close and I lived with that guilt. I did a lot for my mother. I bought all of her clothes and sent them to her as I like fashion and it was something that I could do to help out. I worked in the medical profession for 20 plus years so I handled all of her medical affairs including insurance, prescriptions, etc. I also brought my mother to my home at least 4 times a year for a period of 2 wks. So I wasn't an absentee daughter. My sister lived in the same town as my parents all of her life and had five children. When the children were young she always had a built in babysitter and I am talking for weeks at a time when my sister and hubby would travel. So there were perks in the younger years of living close. Also, things just always magically disappeared from my mother's home and made their way into my sister's home after my mother went into assisted living. Even the diamond earrings and such that I gave to my mother as gifts from me magically disappeared. I have a picture of my mother in the diamond earrings that was taken the day before she passed and yet when I arrived home 2 days later, the diamonds were gone and nobody knows what happened to them. Hmmmm. I guess I am saying that she felt a sense of entitlement and I am now beginning to wonder when that sense of entitlement ends. I guess if I let this ride the entitlement will end now. There is nothing left. Thankfully I will never have to go through this again. Such a shame....See MoreBeing Executor of Will
Comments (9)First thing you need to do is sit down and take a deep breath. You CAN do this. It's not all that difficult. about 3 years ago, I was executrix for my mom's estate--thanks to her simple estate, and the fact that all we heirs were direct decendants, it was easy. Now, I'm in the process of settling my aunt's estate. It is far more complicated to handle the estate of an aunt--because of the situation, there are estate taxes to be paid, where there aren't on a parent's estate. A few things you need to do, roughly in the order they need to be done. First--notify everyone who has an interest in your aunt's death--pensions, banks, social security, have her mail forwarded to your address (you'll need to take your documentation to the post office in her home town, probably). File her will at the surrogate's office, of course. you need to establish the value of her estate on the DAY OF HER DEATH. Her bank(s) can give you a printout of that info. You may have to consult a real estate agent if she owns a home. If she has savings bonds, you can get that info from the US website. You need to include the value of her personal possessions. You need to open an estate account (you cannot access all her funds, because she was an aunt, but the bank should allow you to put about half her assets into an estate account, once you have your short certificate. Speak to your accountant (and attorney, if you have legal questions about handling the estate) to make sure you know exactly what has to be done as far as the taxes--you will probably have to file her regular income tax for the last year she lived, then eventually, you'll file the estate taxes (expect to pay 15% of the estate in taxes). Next--handle her financial obligations. Bills (household, medical, etc), funeral expenses (including headstone). You need to take your executor(trix) fee. Those expenses all reduce the taxable estate, so be sure to pay them BEFORE you start to figure the estate's taxes. I imagine, being so far away, you're going to have some additional challenges in handling everything--my aunt lived locally, so I can't really help you with those kinds of things. Just take your time, don't rush through anything. Check everything you do twice (at least) and be patient. You really don't want to hurry through the process, because there's always the chance some stray bills or assets might crop up at some time. Oh, and don't forget to check the state's unclaimed property list, just in case she has anything on it. I found something in my mom's name when I was handling her estate--just a few hundred $$$, but still, it was easy to claim, and worth the little work it took. I'm sorry for your loss. Have been there recently myself, and know how difficult it is to think clearly about all the things you need to handle at a time like this. As I said, a deep breath, a little patience and a dose of time are going to be a big help to you....See MoreAny other Executors?
Comments (17)I'm so lucky--no one's hassled me, nor been too over-the-top greedy. But yes, mammie--the one who did the least, who never had time to visit mom more than twice a year, was the one who had the time to run up here several times the week after mom died to load up her truck with stuff. And she was pretty perturbed when others took stuff she wanted for her 'daughter' (not a blood relative, more of a foster child, with no real ties to mom). Oh, and that sister was the one who had to take off TWO weeks from work, because she was so distraught and couldn't go in. ? ? ? (Mind you, mom was in her late 80's and had been in poor health for a number of years--her death wasn't a real shock) The rest of us managed to go on with our lives. You also find out how the deceased felt about people. Mom had her will written so that if one of us died, our children would get their share. BUT she specifically had a provision that if something happened to the above sister, her share would go NOT to her adopted foster kids, but to the rest of us. That said a lot. She had 15 years to change that, and never did. Note that one of the other grandchildren who WAS named in the will WAS adopted. Thank goodness, it didn't come to me having to deal with any of that--but I'd have had no choice but to follow the will's provisions....See MoreAbout wills and executors
Comments (11)I've experienced it both ways -organized and tidy trusts as well as disorganized treasure hunts. It's a learning experience and provides good object lessons on how to handle your own personal affairs for your own peace of mind and the ease of that person you entrust to discharge your estate - be it big or small. The trusts were easy to discharge from the start through the distribution of assets to the final tax returns, etc. For the ones who leave messes, fortunately I had a broad powered financial POA - and the loved one, being in long term care, I had access to her apartment and could sift through years of outdated and accumulated papers to separate wheat from chaff. By mere luck I stumbled on the hidden SD box keys and an old rental agreement for it cluing me in to where the box was. It took me a year before her death to find and consolidate all the banks holding CDs, money markets, savings accounts scattered in two states... luckily a short hop across the bridge. The will itself was simple, no special bequests, no directives as to dispersal of personal possessions. Surviving nieces, nephews, siblings each took a memento or whatever they could use and the rest was bought outright by estate appraisers and got carted away for their auction. No fuss no muss and I found it fair. The bottom line is - don't leave anything to chance, no guesswork. List everything no matter how seemingly insignificant. Your executor will thank you. Maybe we here now have a better understanding of doing the needful than the last now quickly disappearing generation did. In a lot of cases there was a resistance to Living Wills, DNRs, POAs because everybody will "do the right thing" idea. Preparing for our eventual demise is just a part of life - or at least it should be....See More- 8 years agolast modified: 8 years ago
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