Executor of an estate - duties?

gkainz

Final Approach
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Greg Kainz
As I mentioned in the "Depair" thread, I have a friend who's ex committed suicide. He tells me that their son, 21, is executor (by being the next of kin?) ... anyway, he's looking for help for him regarding these duties. Anyone have information, guidance, references, experience?
Thanks.
 
1. Get legal assistance; the job of executor carries with it substantial legal obligations and responsibilities;

2. the Executor is the personal representative of the estate of the decedent; basically, the person who takes action in the stead of the departed, files and gives effect to the will, disposes of property, winds up the affairs.

It is real work. Often, too, it is thankless, when the true character of the various persons with an interest in the estate is shown.
 
Thanks, Spike. Seems to me that it's much to0 heavy a load to shoulder for a 21 year old who just lost his mom.
 
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As Spike said, there can be a lot to do and if not done properly, it can turn into real problems. Some states have passed laws to help executors of small estates. If there is a will that helps.

My dad had living trusts which made it fairly easy, but I still sought local counsel. A few banks were really bad to deal with even though state law identified what I needed to do and did it. Finally, has the attorney write letters that put their toes to the fire.

Identify and gather assets, notify potential creditors, cancel and meet ongoing obligations, and distribute per the agreement if a trust or will. If she was without a will, had several potential creditors and assets were diverse, it can get pretty complex. Smaller estates can take some time, but are easier to do.

Best,

Dave
 
1. Get legal assistance...
It is real work. Often, too, it is thankless, when the true character of the various persons with an interest in the estate is shown.
Boy Ain't that the truth. And the problems are not limited to estates LARGE or TINY.
 
As I'm just finding out myself, there is no easy way to deal with all the paperwork... Filing the will is #1, then everything else can be dealt with. If you do use an attorney, sometimes the fees are set by the court (ie- Calif), as a % of the estate value.

If he plans on doing it himself, it will take a great deal of his time with the various filings, and though he may not totally screw himself, it may just extend the amount of time it takes to wrap things up.

I'm finding in Calif, it will take between 9-12 months to wrap it up, even with a very clear will, not much debt, and average assets. Attorneys fees will end up being $8K-$10K.... (not sure if we are going to use one yet...)
 
I'll stick with Spike's advice -- find a good attorney experienced in this field for legal advice, especially if the estate has significant assets. My brother and I were co-executors of our mother's estate, and the only time we got in trouble was when my brother decided to do things his own way instead of what our attorney told us was the right way to do it.
 
The reason he should educate himself as to the law and his responsibilities is that, in many instances, he will be personally responsible for the discharge of the affairs properly. If he is unable to perform the task, or unwilling to undertake the work and risk, he can (of course) decline to do so.

===

An anecdote regarding petty people and deceased persons:

I had a client, was guardian over her mom's person and estate; was always there for mom, showing up at the old-age home, brushing her hair, carefully watching over mom's money. Each year, at annual report time, judge asked why she was not taking a commission for her guardian duties, to which she was legally entitled. She always said that she needed to make sure that mom's money would last, that she was not doing it for the money, but for the love of her mom.

Towards the end, it was very hard work, very draining on her.

When, as inevitably occurs, mom passed, we filed her will for probate and (of course) brother, who lived in a distant state, suddenly appeared with his hand out, looking for his share of the estate. He had not visited (or helped with) mom in over six (6) years.

Before mom's assets passed into the estate, the guargianship had to be "wound up," and when the final accounting was presented to the court for approval, we got a call from the court coordinator, telling us that then judge required a live hearing with guardian/executor in attendance. I was afraid that something terrible had been uncovered by the court Auditor or, perhaps, I had grievously screwed up something or another.

As it turned out, the judge told us that he had read the guardianship file, front to back, as well as the Will (in which daughter and son took equally of the residue of the estate). Judge told us that he would not approve closing the guardianship and opening of probate unless and until the guardian made application for, and received from the guardianship assets, her commission for some minimum period (2, 3 years?).

When client told judge that she did not do it for the money, he told her that he was well aware of that, and was also well aware that brother, who had already filed a claim in the probate, had done nothing at all to care for mom. He said, in essence, "I will not release these guardianship funds into the probate estate and will not approve the final accounting, unless there is a commssion paid to the guardian, whose care and concern for her mother over the years the court recognizes and honors."

Some judges, I tell you, administer justice as well as law.

===

PS- Brother was ****ed. Court told him to pound sand. :D
 
When my mom passed, I was executor. It is a lot of work, but such is life. I still thank God everyday that my brother and sister and I got along so well during the process. I think it might have made us a little closer even. In contrast, I watched as my ex-bosses wife completely alienated herself with her brothers over the smallest, piddly stuff. Last time I was at his house, all the junk they fought over was still in the garage. Amazing.

I really do hate all the lawyer-bashing that goes on, but, I had one attorney try to get me to take $50000 out of a savings account because I was also on all of Mom's accounts after Dad passed. He told me that was my money and I was entitled to it. Maybe Legally, but ethically is a whole 'nother story. I've got a feeling Dad may have come back and kicked my a** for that one. He had been dead 2 years, but never underestimate my dad when it came to a good a**-kicking.

My only advice would be find an attorney for the young man that works for The Office for The Aging or something similar. Never met a bad one

Mike
 
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Well I echo Spikes comments so no need to give the view again. I would just add one thing. If it really to much of a burden for the young man to handle he should be able to disclaim his right to be exeuctor in favor of a more " experienced or less emotionally burded" trustworthy individual if that is his desire. Again he should consult with counsel in his state before doing anything.
 
As I'm just finding out myself, there is no easy way to deal with all the paperwork... Filing the will is #1, then everything else can be dealt with. If you do use an attorney, sometimes the fees are set by the court (ie- Calif), as a % of the estate value.

If he plans on doing it himself, it will take a great deal of his time with the various filings, and though he may not totally screw himself, it may just extend the amount of time it takes to wrap things up.

I'm finding in Calif, it will take between 9-12 months to wrap it up, even with a very clear will, not much debt, and average assets. Attorneys fees will end up being $8K-$10K.... (not sure if we are going to use one yet...)

You might want to chat with the attorney I used for my Dad's estate if your in Taxicafornia <g> She's near San Diego and was very reasonable. No big firm, big overhead location, but very competent. Dad's estate was fairly simple with his living trusts, but she still had to do some filings and shake some funds loose. I was surprised at how reasonable her fees were; expected them to be much more.

Best,

Dave
 
1. Get legal assistance; the job of executor carries with it substantial legal obligations and responsibilities;

2. the Executor is the personal representative of the estate of the decedent; basically, the person who takes action in the stead of the departed, files and gives effect to the will, disposes of property, winds up the affairs.

It is real work. Often, too, it is thankless, when the true character of the various persons with an interest in the estate is shown.
This is the best advise. I am still dealing with my mom's estate. It is rather straight forward but still requires time. Sitting down for just 1/2 hour with the lawyer was worth the $100. His advise has saved me all kinds of grief.
 
Wouldn't it be great if all Judges were like that.

Thanks Spike


Heck, I'm stuck here sitting on a boat waiting 5 days for one to sign an order that is uncontested with both sides requesting me to move the boat...:mad:
 
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