Probate - Estate Administration

If you are the executor or administrator of an estate, remember the following when closing out the estate:

1. Make sure all deeds are properly titled to the beneficiary/ies.
2. Make sure all final forms are submitted to register of wills, including final status report; any formal accounting; or family settlement agreement.
3. Make sure final approvals are obtained regarding inheritance tax filings.
4. Make sure you close out the estate account after everything is finalized.

This is a helpful checklist of things that often get overlooked. However, it would be to your benefit to consult with a professional probate attorney. We have that expertise. Contact us at www.ythlaw.com

Who controls your Facebook page when you die?

Sometimes I ask questions that I want an answer to. In the case of social media and estate planning, I find it really intriguing the questions that can be raised and how many of them will have no answers. Social networks are so new that we will be making new laws as we get more and more into this new form of interaction.

Well, I did research our question posed yesterday regarding Facebook. What happens when you die? Per Facebook's policy for deceased users, they memorialize the deceased person's account. This removes certain more sensitive information and sets privacy so that only confirmed friends can see the profile or find the person in search. The Wall remains so that friends and family can leave posts in remembrance.

Now that sounds all well and good but what if your family or friends want to remove your information. Should they not have the right? Who is in a better position to decide, Facebook or the family? In my legal opinion it would be the executor or administrator of the estate who should make that call. They are the ones in charge once you die. You can even make that call more directly by providing for your social media activity in your Will. What do you want to happen, now that I have you thinking about it? It's your call!

Leave your comments here or contact us at http://www.ythlaw.com/

Probate - Duties of Administrator/Executor

Many times the person appointed as an administrator or named as the executor under the will knows very little about the duties of that position. I advise my clients to tell the person they appoint as executor. It should not come as a surprise to anyone. I then let them know what that person's responsibilities would be so that such information can be shared with their executor.

The main duties of an administrator (one who is appointed during probate if there is no will) or executor (person named under the will) are to:
(a) ascertain the assets subject to probate (not all assets are subject to probate, such as assets owned jointly, assets in a trust, assets transfered by beneficiary designation;
(b) gather and provide an inventory of the assets;
(c) open up an estate account (checking account) to place assets and receive other assets due the estate, including interest, dividends, and other income;
(d) determine the beneficiaries - who is going to get what and how much under the Will (if there is no Will, the state’s "interstate succession laws" apply);
(e) determine or obtain appraisal of the estate’s assets;
(f) give legal notice to potential creditors (generally done via legal advertisement - determine state or local requirements for notifying creditors);
(g) investigate the validity of claims against the estate;
(h) pay funeral bills, outstanding debts, and valid claims;
(i) pay the expenses of administrating the estate;
(k) handle various paperwork, such as discontinuing utilities, memberships and charge cards, and notifying Social Security and others of the death;
(l) file and pay inheritance tax;
(m) distribute the remaining property in accordance with the instructions provided in the Will or under intestate law; and
(n) close probate.

In some states, you may be required to hire an attorney to handle probate. In other states, you proceed without counsel. Call our office if you have a probate issue and we can help you meet the requirements.

Probate - Time it Takes to Do

Often, I have heard, as a complaint about probate, that it takes a long time before heirs can get their money. As a result, many people seek to avoid probate for that reason. How long probate actually takes depends on a number of factors. Those factors include, the size of the estate, the complexities of the estate, the disagreements among potential heirs, the jurisdiction (which state) where probate occurs, the lack of clarity in the will, the skill of an executor/administrator, the notification period to creditors and potential heirs, the source of payment of inheritance taxes and the efficiency of the Register of Wills, among other factors.

When you are getting your will prepared, you can make sure some of these factors will not result in delaying the administration of your estate. Be clear and concise with the specifics provided in your will. Pick a person who can handle managing the distribution of your estate. Address inheritance tax payments. Know the probate laws of your state and if they provide very burdensome requirements, then consider the use of a trust instead of a will.

Contact our office for a free consultation on this and other estate planning issues.

Probate - Bond Requirement

I have a number of inquiries regarding the probate process. These inquiries are as simple as what does probate mean to the process to challenge probate. Well, probate means to prove a will. Does the will presented to the Register of Wills meet all of the state legal requirements? Of course, many people die without a will. One of my passions is to get people to do a will. Where there is a will there is a way! Got will? Like it or not you need a will. Here is one issue that is faced more often than not by loved ones having to probate an estate; the bond requirement. You can provide in your will that your executor does NOT have to take out a bond to handle your estate. You have picked the person to act as your executor and this person is someone you trust. In many cases, it is a family member who will inherit part if not all of your estate. Paying for a bond would be an unnecessary expense. HOWEVER, if you do not have a will or do not specify no bond requirement in your will then the Register of Wills can impose such a requirement. Generally, the Register of Wills will impose a bond requirement when the Executor (one named under the will) or the Administrator (when there is no will) is out of state. You can avoid this expense for your executor or administrator by taking the simple step of having a will done by a professional who can make sure the right terms and conditions are covered.

Have you had a probate experience that you want to share? Do you have questions about probate? Give us your comments today and we will get right back to you.