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A manual for everyone who is, or will someday be, an executor or administrator
of a decedent's estate. Save your lawyer's time by being much more help in
settling an estate. Includes a Record Book to record all the activities required
of an executor or administrator.
Detailed Table of Contents:
Introduction
General
Considerations
Serving as Executor or Administrator
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The
great differences between different estates
Avoiding friction and family disputes
Making sure you want to serve
Refusing or resigning the job |
The Language of Probate
The Meaning of Probate
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The
importance of self-proving wills
Supervised and unsupervised probate
The procedures involved in probate
The importance of the Court Clerk's certificate of your appointment
The need to give bond as executor or administrator
The need to give notice to "interested persons"
The need to inventory all the estate assets
The procedures for barring debts and recovering assets
Closing the estate |
The Laws That Control the
Probate of Estates
Serving as an Executor or Administrator
The General Duties of the
Executor
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The
executor's duty to support the will
The duty of honesty and loyalty - Conflicts of interest
The rule against self-dealing
You can hire help but can't delegate your ultimate responsibilities
Helping beneficiaries of nonprobate assets
Your duty to keep adequate records
Investing the estate assets
Co-executors working together
Your reports and accounts as executor or administrator
Looking out for benefits due to a spouse or children
Preparing and filing tax returns and paying the taxes
Closing and distributing the estate |
The General Duties of the
Administrator (When There Is No Will)
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The
names given the administrator
The need for a will to be "valid" to be probated
When there is a will but no executor qualified to act |
Working With Your Lawyer
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The
lawyer is employed by the estate, not the executor 19
Establishing the attorney-client relationship after a death 19
The division of work between you and the lawyer 19
Making the best use of your lawyer's time |
Dealing With the Estate's
Beneficiaries
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Being
fair and honest will avoid most troubles
Make an extra effort to keep interested persons informed
How to give good information
Resolving the more complex questions |
Your Fee as Executor or Administrator
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Determining
whether you want to charge a fee
Determining what fee is reasonable
Keeping track of your time spent on estate work
The bank's fees as executor |
Preliminary
Actions
Actions Required Soon After
the Death
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Finding
the will
Urgently needed care for children or aged dependents
Making immediate provision for urgent needs
Powers of attorney are normally cancelled by death
Other leads to help find all the decedent's property
When closely related people die at about the same time
Simultaneous deaths
The temporary administrator when there is delay in opening an estate |
Determining the Decedent's
Heirship
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The
importance of a permanent record of your probate heirship
The laws that establish one's heirship
The rights of heirs
The preceding to establish the names of the heirs
Some of the problems encountered in establishing heirship
Finding more remote heirs and next of kin
When all the heirs can't be found
What to do about "Unknown Heirs"
When a possible heir is illegitimate
When a possible heir is adopted
Other facts that confuse one's heirship |
Finding
and Protecting All The Decedent's Assets
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Taking
immediate steps to find and protect all the estate's assets
Being sure to find all the decedent's property
Finding all safe deposit boxes
Examining leads to find all the property
Finding all the securities
Finding all the decedent's real estate
Finding chattel property at other locations
Finding loans due to the decedent
Learning whether the decedent made "advancements" to heirs |
Serving
Competently and Efficiently
Keeping Necessary Records
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Separate
records for the decedent's living trust and her/his estate
Doing the estate's banking
Keeping a record of your receipts and disbursements
Being prepared to file required reports and accounts |
Liquidating Estate Assets
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The
need for cash to pay claims and expenses
Projecting liquidation of assets to have cash available
The need to liquidate assets to distribute the estate |
Investing
Estate Funds
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Deciding
which estate assets should be liquidated
Using diligence to avoid holding estate assets too long
Protecting assets that are in your control |
Working
With a Decedent's Trusts
Dealing With the Decedent's
Living Trusts
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Where
there is a Comprehensive Living Trust and Pourover Will
If you are also the trustee
Working well with the trustee |
Dealing With the Decedent's
Testamentary Trusts
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Helping
the trustee(s) to accomplish the testator's objective 40
Tax problems when there is a testamentary trust 40 |
Dealing
With Available Benefits
Dealing With the Decedent's
Life Insurance and Annuities
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Obtaining
information about the decedent's life insurance
Dealing with death taxes when there is life insurance |
Obtaining
Benefits Due the Estate and Others
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Obtaining
Social Security benefits
Obtaining other benefits for decedent's family
Recovering damages for the decedent's wrongful death |
Dealing
With Special Rights of Family Members
Dealing With the Surviving
Spouse's Benefits
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The
surviving spouse's rights to the decedent's property
Determining disputes as to the right to specific assets |
Dealing With Other Dependents'
Benefits
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Obtaining
benefits available for decedent's minor children
Appointing a guardian for decedent's minor children
Obtaining other benefits for decedent's minor children |
Dealing
With the Estate's Assets
The Importance of Nonprobate
Assets
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The
nature of probate assets
The nature of nonprobate assets
Determining whether assets are probate or nonprobate
Aiding beneficiaries in obtaining nonprobate assets
The importance of nonprobate assets in computing death taxes
Transferring title of nonprobate assets |
Dealing With the Decedent's
Personal Property
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The
nature of personal estate
The kinds of personal property
Deciding how to dispose of personal property
Making the best disposition of household contents
Liquidating personal estate |
Dealing With the Decedent's
Real Estate
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Dealing
with the decedent's residence
Managing real estate while the estate is being settled
Liquidating the decedent's real estate |
Dealing With the Decedent's
Business Interests
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Whether
the business is a sole proprietorship, partnership, or corporation
Getting suitable management to carry on the business
Dealing with a buy-sell agreement
Making the decision to liquidate decedent's business
When liquidating a small business is the only sound decision |
Dealing
With the Decedent's Debts and Obligations
Handling the Debts and Claims
Against the Estate
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Assessing
the seriousness of the decedent's debts and obligations
Taking legal steps to bar debts from being collected in the future
The importance of giving notice to all creditors possible
Caution required in paying bills if all won't be paid
Procedures in processing claims
Procedures when estate can't pay all bills in full |
Handling the Decedent's and
Estate's Income Taxes
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Your
liability if taxes aren't paid in full
The right of the IRS to collect back taxes
Being sure the required tax returns are filed
The income tax returns for the estate
Being sure that the right people share in paying income taxes
Timing distributions to save income taxes |
Handling the Decedent's Gift
and Estate Taxes
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The
decedent's estate and lifetime gifts are combined in computing theamount
of taxes due
Property included in the estate subject to death taxes
Deduction allowed in computing death taxes
Amount of tax
Preparing and filing a federaL estate tax return
Prompt payment of estate taxes is required
When the government doesn't agree with your return
The duty to file a gift tax return
State Death Taxes |
Distributing
and Closing the Estate
Distributing
the Estate
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Precautions
to take before making any distribution
Distributions in cash and "in kind"
Handling advancements
The importance of prompt settlement and closing of the estate
When another assets turns up after the estate is closed
Distributing the estate when delays can't be avoided |
Closing the Estate
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Preparing
to complete distribution of the estate
Giving notice of the final account to interested persons
Being prepared to support your cash receipts and disbursements
Getting the approval of beneficiaries in advance
The hearing on the final account
Sending the final distribution to the beneficiaries |
Forms
Estate Information
Sheet
List of Important Dates
Inventory of Estate (Probate) Assets
Claims, Debts, and Costs of Administration
Cash Receipts
Cash Disbursements
Schedule of Appointments
Record of Time and Activities
Projection of Probate Estate Distribution
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