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I am currently involved in an estate where the executor is...well...an idiot...no experience in anything approaching life skills.....for example, never bought or sold a house, but now has a house. car. etc. to deal with. On top of that, the attorney has demonstrated to be a jerk, and get this, works for the executor for a "fixed fee". How much work is he going to do? Right. Very little.
This is the kind of thing you sell tickets to and sit back and watch the show. Thankfully a lot of stuff was TOD/POD, but the rest....watch the drama unfold !
We've chosen to hire our own attorney to monitor the proceedings and stay as far away as is possible.
Trying to understand what duties of an executor make it such a hard and stressful job as I have be told by many.
Can anyone detail exactly what they had to do and the issues that came about?
I know all estates can differ but would like to know of experiences.
My wife was the Executrix for her Mother's Estate in 2020, I was the Executor for my Older Sister's Estate in 2022.
Since this sounds like a forward seeking question, I have the following suggestions.
1) Ensure that the Will is up to date and recorded with the County, know where the original is kept, retain a copy for yourself.
2) Become a co-signer on all bank accounts and investment accounts owned by the person for whom you have been named Executor in their Will.
3) Learn the name of their Attormey.
4) Learn of any bequeathments they 'assume' will be made in their name, and that are not specified in their Will.
5) Learn their expectations for final arrangements.
6) Pre-purchase any grave markers (currently an 8 to 10 month lead time!)
7) Learn of ALL blood relatives, especially any they have kept secret for whatever reason.
8) Familiarize yourself with Probate requirements in their State of residence.
9) Learn their Life Insurance provider, their Health Insurance provider, their Pension provider, and how to contact them (account numbers, passwords, etc.)
It isn't necessatily hard, but obtaining advance information regarding their Estate and plans will make things far easier.
Anyone have any experiences gaining access to the deceased’s safe deposit box. If so we’re you a cosigner?
If you are executor, you should have no problem gaining access to the safe deposit box (as well as all bank accounts, etc). My mother passed away in November (she had a trust, I'm executor). I'm just at the selling-her-house stage (will be listed for sale Wednesday). I JUST found a small envelope in a jewelry box drawer that she had. The envelope is from an unidentified bank and contained 2 safe deposit keys. I'll be checking with her banks within the next few weeks to see if the keys belonged to their safe deposit boxes.
Anyone have any experiences gaining access to the deceased’s safe deposit box. If so we’re you a cosigner?
Yes. It wasn't difficult for me because my dad thought ahead and had me added to his box signature card years before. All I had to do was prove my identity.
This does not mean you can't gain access if you aren't listed on the signature card. For obvious reasons the institution will expect you to produce your executor's court decree (and they may also want the death certificate and/or copy of the will) before they will give you access.
This is one very good reason not to store your will in a safe deposit box. No one can access it until they are designated executor by the probate court...and they can't get that authority without a will with original signatures...which is safely locked in the box!
Last edited by Parnassia; 09-19-2022 at 05:55 PM..
Isn’t that what lawyers get paid that high percentage of the estate to do? Probate fees?
Maybe. It varies a so much and there's more than one way for an attorney to bill a client. They may offer a choice of a flat percentage of the estate or billable hours/hourly rate. The more the executor takes on for themselves, the less time the attorney spends/bills for the job. IME the "percentage" wasn't all that high. I lived more than 2000 miles away from the decedent. If I had to make all the court appearances and pleadings myself, I would have racked up thousands of air miles/travel expenses to do it. Instead, I had my estate attorney do them. He also prepared all the legal documents, provided notary services, filed various public notices, kept on top of some stubborn asset holders, settled a couple of disputed bills, ran interference with bickering heirs, and produced the final record of disbursement/expenses. Their practice also worked with a cooperating tax accountant who prepared two years of income tax filings for me, the decedent, and the estate (which is a taxable entity for as long as it exists). No one challenged anything. Well worth it IMHO.
I’m really surprised to hear a “raw will” was accepted by a bank. How does the bank know the will is valid and is the last will.
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."
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."
Thanks for replying. One of my MIL’s banks also heard the news the next day and quickly locked her bank accounts. My wife had POA, but no co-sign or POD, so we had to wait for the court papers to get started. In Kentucky you have to bring the will to the court, even if there is no probate.
Thanks for replying. One of my MIL’s banks also heard the news the next day and quickly locked her bank accounts. My wife had POA, but no co-sign or POD, so we had to wait for the court papers to get started. In Kentucky you have to bring the will to the court, even if there is no probate.
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.
"So I may have to make trips there, although so much is done online now, but we intend to sell as soon as possible. I'm thinking many months to clear the house and huge machine shop, ok a year: smack: I don't foresee many arguments with brother, but you never know, do you?"
I'd like to share a bit of hard-earned wisdom about the long-distance liquidation of assets, I made one very horrible mistake, in total innocence.
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.
I ended up with a total thief who treated my parents' home as hers to with as she wished for her monetary gain and ignored my very specific, written, pictorial, verbal, and repeated instructions on what to not sell. I paid for the freight to send all of that up here and opened a freight truck filled with broken boxes of junk and damaged furniture. We had carefully selected out a few items that would serve to remind us of the family life we knew; most all of it missing or destroyed. Heart breaking.
I had the task of seeing to specific bequests (to my daughter, niece and I) and most all of these things were sold by this thief. Unfortunately, the now multi-billion dollar Estate Sales industry is largely unregulated and it's open to fleecing by vicious thievery.
I'll be going through that state AG's office and the insurance company for the losses that can be calculated. At 65 and a 'vulnerable adult' myself, I can pursue this woman under those statutes for treble damages, but many things are of sentimental and not so much monetary value. This is now one more very time consuming task, but I'll have allies in the industry among the companies that are trying to raises standards. I intend to have that woman jailed for her Class A Felony thefts.
I hope that someone reads this, benefits from my experience and spares themselves such painful loss.
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