Simple Steps Now Can Help Your Executor Later On

May 8, 2011

Filed under: Estate Planning,Trust Administration
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Being named as the executor of the estate of a deceased loved one comes with many challenges, including dealing with the probate system.  But one of the most difficult (and least discussed) challenges is sorting through the plethora of paper and information that people collect over the course of a lifetime.

You can save your executor (and your family) time and money later by organizing your important documents and finances right now.  If you’re not sure where to begin, or what information an executor would need to know, we’ve assembled a list of information and documents an executor might need quick and easy access to if anything were to happen to you:

  • Instructions and letter to trustee: Contact information for your attorney and trustee(s), instructions on how to begin the process.
  • Minor children: Information about your minor children, nearby guardians or relatives, medical and health insurance information.
  • Personal Information: Birth and marriage certificates, passports, family, friends and contact people.
  • Estate Planning Documents: Trust, wills, any amendments, personal property distribution memorandum.
  • Employment/Business Information: Contact information for supervisors; client information if you are a small business owner.
  • Real Estate and Tangible Property: Deed to your home, mortgage information, homeowners and fire insurance, vehicle records, artwork and antiques.
  • Bank Accounts and Investments: Account numbers and locations, contact information.
  • Monthly Expenses and Bills: A copy of one monthly statement for each.
  • Information about recent Taxes
  • Retirement Accounts/Government Benefits: Account numbers, beneficiary information.
  • Life Insurance: Account numbers, beneficiary information, and copy of each policy
  • Memorial and Burial/Cremation: Preferences, pre-paid arrangements, phone numbers.
  • Memberships/Secured Accounts/Passwords

Once you are organized, keep your information in an accessible place and make your executor aware of the location. This simple act of organization will not only benefit you right now, it will save your family and your executor much time, money and frustration later on.

10 Phone Calls to Make After the Death of a Loved One

October 15, 2010

Filed under: General Items,Probate,Trust Administration
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Coping with the death of a loved one can be a crushing task.  There are so many things to do and details to remember; all of this at a time when each small task can serve as a reminder of your loss. At such a time it can be helpful to know that you’re not going through this alone; there are a number of people who can help when you begin to feel overwhelmed.   To relieve some of the stress, and help ensure that no important task is forgotten, we offer a list of people to call after the death of a loved one:

Funeral home - This will likely be your first call.  The funeral home you or your loved one has selected will be able to help you with a lot of the immediate details and tasks.  The funeral director will also be able to help you obtain 10-20 copies of the death certificate, something you will need later.

Family and Friends - This probably goes without saying.  Not only will you want to notify family and friends, but they can also help with a lot of the endless tasks and overwhelming details.  Don’t be afraid to delegate.

Veteran’s office (if deceased was a Vet.) - If the deceased was a Veteran you may have to stop benefit payments; you may also be able to get assistance with the funeral or memorial service.

The deceased’s employer - You will need to do this not only to inform the employer of the death, but also regarding termination of health insurance.

Attorney or Tax Professional - You will need to know what to do about probating the deceased’s estate, filing tax returns, dealing with bank accounts, etc.  An attorney or tax professional can help. It is especially important to find out if your loved one had any existing estate documents.

Office of Social Security - If your loved one was receiving benefits you’ll need to stop payments. You will also want to find out if survivors are entitled to any benefits.

Insurance company of the deceased – You will probably need to file a claim.  This is something your attorney or accountant may be able to help with.

Local Newspaper - You may want to publish an obituary or notice of death, as well as information about the funeral or memorial service.

Credit card companies and utilities - Give written notifice of death to each creditor.  However, check with your estate’s attorney before paying any outstanding balances, as your attorney may advise paying them only after furnishing to each creditor the required legal notice and awaiting timely claims.  Generally, you have no obligation to pay these debts from your own funds unless you, too, were a signer on the account(s) or are the surviving spouse with a legal obligation to pay the debt(s).

Bank - Arrange to change any joint accounts or to open an account in your name.  Do not close any accounts right away!

Although this list is a good starting point; a complete list of people to call and things to do will depend on where the deceased lived and the details of their estate. Contact your loved one’s estate planning attorney (or your own) to ensure that nothing is left to chance.

Take Action in the Face of Estate Tax Uncertainty

May 13, 2010

Filed under: Estate Planning,Probate,Trust Administration
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If you’ve been reading our blog regularly then you know that the 2010 estate tax repeal has caused no end of confusion and uncertainty; not only for those who have been dealing with probate and trust administration since the tax was first repealed, but also for those who are trying to think ahead and do the right thing for their spouses and children. Many people have come to the erroneous conclusion that they have no choice but to stand by and wait until the Washington politicians make up their minds about whether or not to restore the estate tax retroactively—but we’re here to tell you that you don’t have to wait to protect your assets and your family.

Forbes.com recently published an article entitled How to Protect Your Family From Estate Tax Uncertainty. This article suggests that there are a number of steps you can take right now to protect your heirs and your assets, even if you don’t know what changes lawmakers may enact tomorrow or 2 months from now. Their suggestions include everything from working with your estate planning attorney on contingency plans to account for anomalies such as no estate tax or minimum exemptions, to common sense action items such as taking the time now to track your cost basis for assets (to help your executor and heirs determine the change in value for tax purposes.) The Forbes article also suggests that some people may want to plan to save by giving—taking advantage of the gift tax exemption amounts.  For more on a special technique involving the use of “Disclaimers” in the current estate tax climate, see Attorney Osofsky’s recently published article.

There are always steps you can take to ensure that your estate plan is up to date, our firm can be your compass and your guide; we can help your family prepare for whatever the future may have in store.