Now that the funeral is done the Administration of executing the will! This part is a long and tedious part of an executor's job. To save time, a lot can be done a head of the passing of a love one but the difficult conversation with love one needs to happen. I know we don't want to think of someone being dead and to know their wish to be. Some times you don't want to feel or present as greedy, insensative, or even implying one thing or another during a difficult conversation.
To help with the difficult task or conversations we have 5 items to preplan and have a discussion about.
Tip #1 - Understanding Debts of the Estate
If a written piece of paper or digital excel sheet of all debt like medical bills, loans, mortgages, credit cards, governement taxes like property tax compiled will help access what debt can be paid. Know not all estates have enough money to cover debt like taxes! being aware is essential. Seniors have a lot of deferral programs that are payable upon death!
Tip #2 - Gathering Estate Documentation
Documentation is required to validate and settle each debt, account statements, probate filing. Accurate record keeping before during and finalizing the estate will make it easier and is required by the courts. This gives the lawyer representing the desased and assisting the executor process ability to speed up some of the process.
"An executor must account to the residuary beneficiaries named in the Will (and sometimes to others) for all the assets of the estate, including all receipts and disbursements occurring over the course of administration." – Norton Roseful
Tip #3 - Beneficiary Communication
My Mother and Father had their wills up when we were young and had told basic details as who gets us daughters if should lose both. As Adults, losing our father first; everything roll to my mother. Now, our experience intensified when our mother passed. We had one sibling left out as a beneficiary, no pet allocation, and 50+ year worth of property to sort! I was glad my mother had her will, directives, and funeral all planned and paid for. All we had to do is food, flowers, and handle house hold items. Which was alot! 5000+ items to record and sort! But she had us updated to what she had set up.
Tip #4 - Estate Liquid Assets
Our mother had a file bin sorted for easy access, also envelope for day of passing instruction, will, and directive. Having statement of liquid Assets help and finding the right bank to address! One bank was nightmare to deal with an other was so simple but having the records handy to file probate and put the bank accounts in to estate. Made easier to pay the running bills to complete the estate. Selling the items paid for running expense as well. She had now debit other than repayment of deferred taxes, which is paid upon death. They do give you time but it is payable.
Tip #5 - Legal Requirements and Timelines
Knowing the requirements in your Jurisdiction is the best knowledge as a will can be contested by anyone in some Jurisdiction! Knowing your wishes align with your rights for your beneficary.
Enclosing
The importance of addressing debts responsibly to ensure a smooth distribution of assets to beneficiaries.
As we start the series of executing an estate we are going to give you a list in this post so you can start generating your list of to do! we do have a free list in our Resource link here
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