Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

PP here who suggested a trust. Both my parents have one (divorced). They each have a home and some money in retirement accounts (not rich but not nothing). I assumed a trust was pretty standard for older people with some substantive holdings. I guess I assumed incorrectly. Can you say why you think it's not necessary in this situation?

If their money is in their retirement accounts, all they need to do is designate a beneficiary. No trust needed for this.

See if you state allows a deed on death transfer. It allows the deedholder to pass the deed onto a beneficiary without going thru probate.

Everything else can be settled among siblings: car, property, etc. There's no need to involve a lawyer or the probate court in cases like this.

Thanks!! I've worked to make it simple over the years and was not sure if we can legally just split the bank accounts since we're already on it. Seems too easy!

What someone said about about the executor being personally responsible for outstanding bills made me feel exposed. So, I'll keep a side account that only Dad and I are on and use that for any unexpected expenses before I disperse 50% of the remainder to sibling.

I'm not sure how fast sibling will want to split the bank accounts, and they can be unpredictable and immature, so I have to plan for that.

Anonymous wrote:

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

PP here who suggested a trust. Both my parents have one (divorced). They each have a home and some money in retirement accounts (not rich but not nothing). I assumed a trust was pretty standard for older people with some substantive holdings. I guess I assumed incorrectly. Can you say why you think it's not necessary in this situation?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

PP here who suggested a trust. Both my parents have one (divorced). They each have a home and some money in retirement accounts (not rich but not nothing). I assumed a trust was pretty standard for older people with some substantive holdings. I guess I assumed incorrectly. Can you say why you think it's not necessary in this situation?

If their money is in their retirement accounts, all they need to do is designate a beneficiary. No trust needed for this.

See if you state allows a deed on death transfer. It allows the deedholder to pass the deed onto a beneficiary without going thru probate.

Everything else can be settled among siblings: car, property, etc. There's no need to involve a lawyer or the probate court in cases like this.

Thanks!! I've worked to make it simple over the years and was not sure if we can legally just split the bank accounts since we're already on it. Seems too easy!

What someone said about about the executor being personally responsible for outstanding bills made me feel exposed. So, I'll keep a side account that only Dad and I are on and use that for any unexpected expenses before I disperse 50% of the remainder to sibling.

I'm not sure how fast sibling will want to split the bank accounts, and they can be unpredictable and immature, so I have to plan for that.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

PP here who suggested a trust. Both my parents have one (divorced). They each have a home and some money in retirement accounts (not rich but not nothing). I assumed a trust was pretty standard for older people with some substantive holdings. I guess I assumed incorrectly. Can you say why you think it's not necessary in this situation?

If their money is in their retirement accounts, all they need to do is designate a beneficiary. No trust needed for this.

See if you state allows a deed on death transfer. It allows the deedholder to pass the deed onto a beneficiary without going thru probate.

Everything else can be settled among siblings: car, property, etc. There's no need to involve a lawyer or the probate court in cases like this.

Anonymous wrote:The executor will spend alot of time on the phone, online and submitting documentation.
Here is a hi-level of what is involved.
#1 Handling funeral arrangements.
#2 Getting death certificates
#3 Handling bills, shutting down accounts etc.
#4 Filing claims for any insurance policies, bank accounts, retirement accounts etc.
#5 Filing probate in the city/county of the death.
Etc.

Everything starts with a phone call. There is alot of paperwork and what one entity wants in terms of documentation will be different from the next. It is a lot of work to handle a loved ones estate. If their estate is well documented and organized that is great but it is still alot of work. I can't imagine having to do this for a family member who lives across the country having done this twice locally.

Anonymous wrote:

Anonymous wrote:Does he have a will? A wife?

There's no wife. We are the only heirs.

Yes, there's a will. One of us is the executor. Our names are on the bank accounts already.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

PP here who suggested a trust. Both my parents have one (divorced). They each have a home and some money in retirement accounts (not rich but not nothing). I assumed a trust was pretty standard for older people with some substantive holdings. I guess I assumed incorrectly. Can you say why you think it's not necessary in this situation?

If their money is in their retirement accounts, all they need to do is designate a beneficiary. No trust needed for this.

See if you state allows a deed on death transfer. It allows the deedholder to pass the deed onto a beneficiary without going thru probate.

Everything else can be settled among siblings: car, property, etc. There's no need to involve a lawyer or the probate court in cases like this.

Anonymous wrote:

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

PP here who suggested a trust. Both my parents have one (divorced). They each have a home and some money in retirement accounts (not rich but not nothing). I assumed a trust was pretty standard for older people with some substantive holdings. I guess I assumed incorrectly. Can you say why you think it's not necessary in this situation?

Anonymous wrote:

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

PP here who suggested a trust. Both my parents have one (divorced). They each have a home and some money in retirement accounts (not rich but not nothing). I assumed a trust was pretty standard for older people with some substantive holdings. I guess I assumed incorrectly. Can you say why you think it's not necessary in this situation?

Anonymous wrote:Do consult an estates attorney. There is a ton of very bad advice here. It shouldn’t cost a lot, because you’ll do a lot of the work yourself. However, they can make sure you cross all your t’s and dot your i’s. There are specific deadlines for filing various things and they can tell you if you need to do an inventory, what needs to be appraised, etc.

Get a credit report for your father. That will list all open accounts. There are probably some that you wouldn’t otherwise know about. Don’t pay anything other than things that you need to keep current like mortgages, insurance and the power bill. If you spend anything out of pocket, keep records, and you can be reimbursed by the estate later. It varies by state, but during probate, you will file a notice with all potential debtors and they will have a set period to file a claim against the estate. If they don’t file a claim, the estate doesn’t have to pay. You’d be surprised how many creditors just don’t file.

Generally, after the executor is appointed by the court and has letters testamentary (or whatever they ‘re called in your jurisdiction) you’ll move all the money into an estate account that the executor has signatory authority for.

The estate will usually settle all debts, including taxes, before distributions are made. If the executor makes distributions and there isn’t enough $$ left to pay, the executor is personally liable.

You’ll need to file personal tax returns for the partial year of the decedent’s death and then estate tax returns while the estate is active. Unless the estate lingers for a while and has income, or it’s a very large estate, you are unlikely to owe estate tax, but estate returns are complicated. I recommend hiring an accountant to do them. There are benefits you can miss — e.g., if you sell the house quickly, you will often get a stepped up basis for the entire sale price *and* be able to carry over a deduction for the costs of sale (realtor’s fees, etc) to your personal taxes.

I’m a lawyer, and I’ve handled several estates, and I wouldn’t handle one without the advice of an expert, unless it was a very small estate (which by definition, this is not, if it includes a house).

Anonymous wrote:

Anonymous wrote:Some of it you can have right away as your name is on it, some of it goes through probate and courts and takes time.
Make sure you have the full list of the accounts, bills, credit cards.
I would try to simplify by closing some of the accounts and paying off the credit cards every month or stop using them completely. Make sure no new charges are put on them automatically. You will be charged interest and late fees if courts take a long time to give you the permit to be the executor.
Don't forget that you have to do his taxes. Make sure you have all the papers needed to get them done easily.

Thank you. I already do the taxes so that's all set, and I'm used to getting all the papers together.

That's a good idea about the accounts. My dad is Depression era so has a zillion bank accounts, and a few are empty. I was thinking those could be closed now to simplify life.

Ohhh, I had not thought about making sure no new charges are put on the credit card. How would I stop that from happening? Do I call each place? This problem may solve itself. The only recurring charges are utilities, which will all go away when we sell house in a few months.

Thank you!

OP