Executors - What you need to know.

I had a question about the role of the Executor. My client wanted to make the right selection among their children. I did advise them that anyone could be selected for the role. You are not limited to family members, professionals or an institution.

Under the law, the Executor has all the necessary powers to administer the estate upon ones death. This would involve gathering up the assets (opening up an estate account) and making the distributions in accordance with the Will provisions. The Executor makes sure the debts and inheritance taxes and final taxes are paid before beneficiaries receive any assets. The Executor's role ends at the completion of administration of the estate.

If there is no Will, the court then appoints an Administrator who has the same role and responsibility as the Executor.

Contact us at www.ythlaw.com for your estate planning, probate and elder law needs.

Estate Planning Mistakes - Number Twelve

Do not appoint the wrong Executor. An Executor is the person who handles assets and other matters when a person dies. Generally one might name the surviving spouse as the primary Executor and an older child (at least 18 years old) as the alternate Executor.

You want the assets of the estate protected. Make sure your Executor either has experience or knows how to hire the right professionals to assist with taking care of the assets. It is not always wise to name an institution unless you understand the fee structure and give an individual the authority to hire and fire institutions to manage your estate.

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Estate Planning Mistakes - Number Nine

Do not make the mistake of not providing adequate powers to your Executor. In order to properly administer the estate, your Executor should be able to handle the affairs of your estate without court approval. It is not efficient to have the court approve every or even most aspects of the administration of your estate. There would be significant delay.

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Intestate Means To Die Without a Will

Death is not a topic we like to talk about. So, we come up with interesting ways to refer to death , "kick the bucket". Does that make it less real? But it is real and it is inevitable. So before your last days, you want to get your affairs in order.

If you fail to plan, you leave the decisions to others including those you do not know.

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Who Will Serve As the Executor of Your Estate?

Getting your affairs in order is such an important action for all of us. However, most of us procrastinate or do not make planning for this eventuality a priority. So, I thought I would do a series on things that might motivate us to action. Last week, we addressed children or birth of a child as a motivator to act.

This week we look at the opposite of birth, death, as a motivator to action. The realization of our mortality can be incentive enough to get out affairs in order. Your assets can be wasted if you fail to choose an Executor and your family can not work together. It happens. So, why wait? Do not Procrasinate.

Don't let time run out on you.

Probate - Do You Know What it is?

I thought I would take the time to explain probate. I have had a few situations recently where understanding probate was an issue.

First, probate means to prove the will. The will is presented to the register of wills and they determine whether it is valid under the law. If there is a challenge to the will then the probate court hears both sides of the challenge to determine validity.

Second, probate serves as the process to change ownership of property from the deceased to their heirs or beneficiaries. Many times individuals never go through the probate process. As a result, you can have real estate still held in the name of a deceased person. Of course, this causes a lot of problems and confusion later.

Third, one of the main things done during the probate process is to pay any inheritance taxes due. You also must pay all debts of the deceased prior to transferring any assets to the heirs or beneficiaries.

We can handle probate for you. Our speciality is Probate, Estate Planning, Elder Law and Estate Administration. Contact us at http://www.ythlaw.com/

Wills Help Avoid Crimes

I was watching Law and Order - Criminal Intent and, once again, was reminded of the importance of having a Will. This episode addressed estate fraud. When a person dies without a Will, someone has to be put in charge of the administration of the estate. That person is determined by the legal system. Sometimes there are opportunities where the system fails the deceased persons and in this episode such was the case.

There was pilfering of a number of estates while assets were held under the protection of the state. The system failed because of the criminal intent of a state employee with access. With no direction provided by the deceased persons via a Will, their assets languished within the system providing ample time and opportunity for thievery. Clearly, this was not what the decedent intended for their assets. However, failing to take that important step in creating a Will a criminal benefitted from the persons' estate.

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Get Your Deeds In Order - ISSUE ONE - Deceased Spouse Name still on Deed!!!

So often as part of the Estate Administration part of my practice, I have to address issues that should have been resolved long ago. Over the next few days, I will discuss the typical type of problems that arise with Deeds. Today, I will address the Deeds that still have a deceased spouse's name on the Deed.

Is your deceased spouse's name still on your Deed?
When one spouse dies the property becomes the property of the surviving spouse (Tenancy by the Entireties). The surviving spouse takes 100% ownership as the right of the surviving spouse. Therefore, many choose to not incur the cost of having a new Deed prepared. However, when there is a sale of the property evidence of the death of the spouse whose name is still on the Deed is needed. Though this is easily accomplished with a death certificate, it is still another step that has to be taken. You may have a death certificate handy or you may have to order another one. Everytime something is done with the Deed, the explanation and proof has to be provided, even for the heirs at the death of the surviving spouse.

I recommend, for yourself as well as your heirs, that a new Deed be prepared when one spouse dies. The minimum cost that you will incur will save you and your heir lots of unnecessary anguish in the future.

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How can I best set up my estate?

Over the next few days, I will be answering questions posed by readers.

The first question I received was:

"How can I best set up my estate for ease of administration for my sons and grandchildren? I live comfortably on my investments and retirement income. My sons are grown and only one of my grandchildren is under the age of 18. While my permanent residence is in Pennsylvania, I own real estate New Jersey and North Carolina. How can I best set up my estate for ease of administration for my sons and grandchildren?"

In response to the question:
There are several ways to set up an estate for ease of administration. In your case a funded Revocable Living Trust would be very beneficial. There are many reasons to consider a Revocable Living Trust, one of which is when there is ancillary real estate.

The use of a Will when you own real estate located in more than one state requires the filing of additional probate documents with each of the local probate courts. In your case, this would be both New Jersey and North Carolina. Local counsel usually must be retained in each of those additional jurisdictions. If the additional real estate is held in a Revocable Living Trust, however, the costs associated with these ancillary estate administrations may be reduced or avoided altogether.

It would also be wise in your situation to provide for a trust for your younger grandchild and let your son, the child’s father, serve as the Trustee. You are not required to appoint a corporate trustee. You should name someone that you trust to follow through with the specific instructions provided in your Revocable Living Trust.

Provide your comments or send a question through my website: http://www.ythlaw.com/