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[quote=Anonymous]I’m working on my parents estate now. All of this is good advice.

A few other things to consider. Even if probate is uncontested it will take several months to get named executor. Then you need Letters and you need to go to each institution and get control of accounts to start disbursing funds.

In the meantime you will incur the same monthly expenses of keeping up your parents property. Plus funeral expenses.

The best way to handle this as a parent is to have enough money in a POD checking account that the child who becomes executor can cover everything out of their share of the inherited money. If it’s POD all you need is the proof of death. That takes only about 2 weeks.

Also, be sure your heirs know about the POD. I had a major money center bank not tell me this for months until I tried to use my executor status to cash it to the estate account.

Finally, your estate bank account must be domiciled in the decedents state of residence. That’s inconvenient if you are a long way away. It will help if you’re an existing customer of a money center bank, even if only a small account. They can use a branch in the correct state to open the account but you can manage it from here.  If you have what’s called a seasoned relationship with them (usually 6 months) you can get more services, Medallions, etc. [/quote]

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