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Lots of folks don't know that POA terminates on death. They will walk into the bank and then get mad when the bank refuses to honor the POA.
After death, a DPOA reverts to 'a derivative POA' so that in the absence of an Estate Rep or Conservator assignment, the POA can continue to act on behalf of the estate to close out any remaining matters. I don't know if this requires a court appointment.
(My apologies if my attempts to quote don't carry into the post; I'm new here and still learning how to use the quotes function when posting.)
Isn’t that what lawyers get paid that high percentage of the estate to do? Probate fees?
But again if accounts were POD and not part of the probate a lawyer may not want to do it.
Why does it have to be a high percentage? We used an estate lawyer to navigate through probate during COVID because the courts were closed, and including their services for the sale of the house, it was around $4,000 total. Was worth it to us.
I can't really answer that question. The wills did not need to be probated, but seems there needed to be a public notice and a month or two for anyone to make a claim. Aunt's estate was household effects and daily checking account. Uncles was that plus a few thousand in collectibles. Maybe the bank is willing to eat a couple hundred to avoid the hassles. Utilities just blew off unpaid balances, "We just don't nickel and dime grieving survivors".. Both were childless. This was in Wisconsin. There may have been a few details I don't know about, but nothing burdensome. Insurance paid off, pronto.
Funny back story. Sis went to the bank morning afteer Mom died, to get the ball rolling. "Yes, we know. We have a teller who listens to the death notices on the radio every morning."
Ha, funny that death notices are on the radio (sounds like a small town), but similarly, my father died of a heart attack around 2:30 a.m. At 10 a.m., the funeral director was in our driveway to say how upset he was to hear of my Dad's death and that he had the tickets to "his dinner" in his pocket. My father was to be honored at the local VFW/American Legion dinner on Veteran's Day. He died October 30. Also a small town. The funeral director's wife was my grandmother's cousin.
After death, a DPOA reverts to 'a derivative POA' so that in the absence of an Estate Rep or Conservator assignment, the POA can continue to act on behalf of the estate to close out any remaining matters. I don't know if this requires a court appointment.
This may or may not be true. Best to check the decedent's state probate laws/executor requirements before relying on a DPOA. The probate court may still require the POA to file for an estate personal representative decree.
When it comes to the valuation and liquidation of Dad's estate, hire a fully reputable company for both appraisal and sale, even if it seems too expensive to hire an expert for some items. Do some net research and look at the site: estatesales.net and research 'the estate sales lady' to find the companies that are honest and fair dealing. The research and added expense is worth it.
I had to sell my beloved parent's home out of state and was utterly unable to travel there to oversee things. On the recommendation of the realtor who was a gem and recommended by the sterling and compassionate law firm who helped me with the legals, I hired an Estate Sales company, sight unseen. Huge and costly mistake! I hired someone who had taken over a previously reputable company and operates fully illegally.
My siblings and I (who all lived significant distances out of state/overseas from the decedent) considered hiring an estate sale company to deal with the decedent's belongings, but that didn't last long. We discovered any local reputable ones weren't interested in evaluating a house full of stuff. They were only mildly interested in specific things: established higher value pieces with resale value (marked silver, china, crystal, antique furniture from known makers, fine jewelry, etc). By the time we researched what might be of interest to them, we could have marketed it ourselves. The one or two willing to come look without this information in advance felt sketchy to say the least. Each of us also went through the house choosing any sentimental items we wanted. If more than one person wanted something we bargained for it. Everything selected was boxed and put in locked storage before the rest of the contents were viewed or touched by anyone else. We split the storage costs. No mistakes that way.
Last edited by Parnassia; 09-20-2022 at 03:17 PM..
I'm so glad that my mom died with no assets. Made my life simpler.
And then my MIL's only assets were bank accounts on which my DH was also a co-owner of the account. No wills, no homes to divest of, only a tiny life insurance policy we weren't even aware of. We sold a cemetery plot she owned before her death, so no problems with that.
So I guess my advice is to get rid of as many assets as possible prior to your own death. LOL. I know that we don't know when we'll die, but if I live into my mid 80s I will not own any real estate. That should make it a little easier, and I'll downsize to the point of few belongings to be sold/given away. I'll put beneficiaries on all my accounts. Basically, I'll make it as simple as possible for any heirs. Much of it will end up going to charities anyway.
This is what I'm thinking too. But, I don't think I'd be happy renting for potentially 10-15 years if I sell and rent at 75. I don't think I will live over about 83; but, we just don't know for sure what's going to happen. At least we can declutter and organize and update wills, etc. I'm starting that process (at 60). Hey I'm lucky to be above ground now.
Hey, is it any better if everything is in a trust??? Does anyone have that experience they could share. It is very helpful to hear real experiences; this is a good post.
Hey, is it any better if everything is in a trust??? Does anyone have that experience they could share. It is very helpful to hear real experiences; this is a good post.
Not necessarily. A trust can make simple things more complicated. It costs $ to set up a trust. Talk to a financial/estate planner about what might suit your situation best.
Not necessarily. A trust can make simple things more complicated. It costs $ to set up a trust. Talk to a financial/estate planner about what might suit your situation best.
I just want to hear some real accounts of executors who dealt with trusts.
I just want to hear some real accounts of executors who dealt with trusts.
Dealing with my mom’s trust now. She passed away in November 2021. Everything is in her trust, I am executor. My responsibility is to handle her trust according to her wishes as indicated in the trust. Lawyers are not required, although I did contact my lawyer to handle things (so he files documents, double checks everything, etc). I just want to make sure everything is done correctly. Her trust is not complicated and consists of bank accounts and her home. Trusts are handled privately (no need for court/judges decisions) while probate is public.
The cost involved with a trust is in setting it up. Worth it imo.
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