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.
- 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/
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.
- 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/
