PSA for prospective estate executors

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PSA for prospective estate executors

Postby Rambler » Apr Thu 18, 2019 10:14 am

HEDDON's recent post reminded me of this but I didn't want to hijack his thread especially considering it's sensitive nature.

When we reach a certain age one of the challenges we have to face is the fact that our parents & those of their generation will be departing the scene in the not-too-distant future. Sad, but a fact of life.

My mom died in June, 2011. Just before she passed she changed her will to name me co-executor. For reasons way beyond my control I wound up taking the lions share (my wife would say "all") of the responsibility. So here are a few pointers I learned from the experience.

- Be sure the lawyer who writes up the will files it with the local county & gets it certified. This will help you save time, effort and headaches.
- Encourage your parent (or whomever you serve as executor) to establish a trust. Once that's done make sure they put ALL of their assets in it. This is especially important if they have considerable assets in multiple funds. This again will save you time and headaches. If all their assets are in a trust you won't have to contact each asset holder with proof of death and other things they'll ask for. Some fund managers are real bastards to deal with and won't be as cooperative as you'd think in relinquishing the funds from their control. I could name names but don't want another law suit. :D
- Get multiple copies of the death certificate.
- Engage your CPA in the process to make sure you understand all the tax implications. The estate will probably owe taxes for up to 2 years after the loved one passes.
- Be sure to get a copy of the certified will.

BTW - there's a state website where you can find any assets the state is holding either for your loved one or yourself. You might want to check it even a year after your loved one passes. Here's the link:

https://icash.illinoistreasurer.gov/
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Re: PSA for prospective estate executors

Postby Phil6 » Apr Thu 18, 2019 1:10 pm

Hate thinking about this stuff but you gotta be prepared for the inevitable, thanks for posting
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Re: PSA for prospective estate executors

Postby Aux Pleins » Apr Thu 18, 2019 1:11 pm

Good 411 for Chet Coppocks kin.
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Re: PSA for prospective estate executors

Postby Rambler » Apr Thu 18, 2019 1:17 pm

Aux Pleins wrote:Good 411 for Chet Coppocks kin.

Yeah - just heard. Wow, RIP Chet Chit Chat.
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Re: PSA for prospective estate executors

Postby joetrain » Apr Thu 18, 2019 1:30 pm

Chet Chit Chat is actually Bruce Wolfe. He’s still alive as far as I know.
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Re: PSA for prospective estate executors

Postby Rambler » Apr Thu 18, 2019 1:33 pm

joetrain wrote:Chet Chit Chat is actually Bruce Wolfe. He’s still alive as far as I know.

Yeah but we all knew who Chet Chit Chat was based on.
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Re: PSA for prospective estate executors

Postby joetrain » Apr Thu 18, 2019 1:36 pm

Either way the guy was an icon.
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Re: PSA for prospective estate executors

Postby badger75 » Apr Thu 18, 2019 7:15 pm

Thanks for the advice Rambler
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Re: PSA for prospective estate executors

Postby HEDDONFROG » Apr Thu 18, 2019 7:24 pm

Yes, thank you. We have a meeting next Tuesday with our attorney to establish full power of attorney. I’ll ask about some of these points you’ve brought up then
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Re: PSA for prospective estate executors

Postby Fonzie » Apr Sun 21, 2019 10:53 am

I was down this road myself a few years ago.


I would get at least 10 copies of the death certificate. They are important.


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Re: PSA for prospective estate executors

Postby Lip_Yanker » Apr Mon 22, 2019 3:43 pm

Rambler wrote:HEDDON's recent post reminded me of this but I didn't want to hijack his thread especially considering it's sensitive nature.

When we reach a certain age one of the challenges we have to face is the fact that our parents & those of their generation will be departing the scene in the not-too-distant future. Sad, but a fact of life.

My mom died in June, 2011. Just before she passed she changed her will to name me co-executor. For reasons way beyond my control I wound up taking the lions share (my wife would say "all") of the responsibility. So here are a few pointers I learned from the experience.

- Be sure the lawyer who writes up the will files it with the local county & gets it certified. This will help you save time, effort and headaches.
- Encourage your parent (or whomever you serve as executor) to establish a trust. Once that's done make sure they put ALL of their assets in it. This is especially important if they have considerable assets in multiple funds. This again will save you time and headaches. If all their assets are in a trust you won't have to contact each asset holder with proof of death and other things they'll ask for. Some fund managers are real bastards to deal with and won't be as cooperative as you'd think in relinquishing the funds from their control. I could name names but don't want another law suit. :D
- Get multiple copies of the death certificate.
- Engage your CPA in the process to make sure you understand all the tax implications. The estate will probably owe taxes for up to 2 years after the loved one passes.
- Be sure to get a copy of the certified will.

BTW - there's a state website where you can find any assets the state is holding either for your loved one or yourself. You might want to check it even a year after your loved one passes. Here's the link:

https://icash.illinoistreasurer.gov/


Good advice. I've been trying to get my dad to get his "affairs" in order, because I am not very versed in the after death process. I am an only child, so as far as I'm aware, the entire burden will fall on me to sort through. The only thing I remember was needing at least a dozen copies of the death certificates for distribution after my grandparents and mom passed away.

Maybe I should start looking around now. I wouldn't know a good CPA from a bad one, how to select?
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Re: PSA for prospective estate executors

Postby Rambler » Apr Sat 27, 2019 6:37 am

Lip_Yanker wrote: I wouldn't know a good CPA from a bad one, how to select?

Great question. I'd turn you on to mine but they're nowhere near DeKalb. I suggest you contact your local Chamber of Commerce.
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Re: PSA for prospective estate executors

Postby HEDDONFROG » May Sat 04, 2019 8:08 am

Scott, I now fully appreciate you having posted this. My moms trust only had her property's in it. None of her other assets. Based on what you originally wrote, I think that could have been a nightmare. Also her attorney retired last December and I asked the guy who took over his practice to look over everything. The trust, will and existing medical and property powers of attorney. There were many mistakes, even ones I could spot. We’re had him write up all new ones

If any of you have older parents, you really need to get this stuff done while your parent(s) are of sound mind. Ask to review any documents they say they already have and I would go one step further and have an attorney who didn’t write everything up, review it. If I had taken moms word that all her affairs were in order, it would have been a real problem, because all she really had was a medical power of attorney, a will and a living trust that wasn’t being used for her non-property assets & investments. I think if I would have waited 3 more months to get full power of attorney mom would not have been in sound enough mind to grant those permissions. She was just able to answer enough of the 10 questions her attorney asked to determine sound mind

Thanks again for the tips
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Re: PSA for prospective estate executors

Postby Rambler » May Sat 04, 2019 8:48 am

Glad you found my advice helpful.
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