Anonymous
Post 10/02/2014 11:21     Subject: In laws made me executor of their estate
Anonymous wrote:It makes a lot of sense. You are family but wouldn't be completely distraught. Maybe they think highly of your organization and decision-making skills.


This.

I actually don't think this is weird. I've personally heard of families doing this a lot -- they obviously trust you and think you have a place of value/respect in the family.
Anonymous
Post 10/01/2014 19:24     Subject: In laws made me executor of their estate
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I am just finishing up my dad's. It's just me and my sister, the asset distribution was cleanly split down the middle. It probably helped that almost everything he has was in two large brokerage accounts, except for his personal residence. He had already transferred that over to me and my sister, while retaining "life rights" for himself.

If he had passed about 15 years earlier, it would have been alot more painful of a process. He got connected with an Edward Jones broker back then, and I am eternally grateful to her for consolidating a bunch of accounts he had and getting him out of speculative things into stable investments. She also had him set up a "Transfer on Death" document on the account, which simplified the asset distribution as well.

It also helped that I had been helping him with his paperwork for years, so I knew everything he had and there were no surprises. That's something that I think would be more complicated in an in-law situation.


He transferred his personal residence to you and your sister while he was alive? If the property had appreciated since he bought it, that would be a huge mistake. You and your sister will owe capital gains taxes whereas none would be owed if you two had inherited it upon his death.


It was done with a "life estate" maintaining his rights to the property. It was considered part of his estate for tax purposes, and we have the stepped-up basis for any future capital gains. No mistakes were made.


Good to know. Thank you for the info.
Anonymous
Post 10/01/2014 15:11     Subject: In laws made me executor of their estate
Anonymous wrote:
Anonymous wrote:Go into it with your eyes WIDE OPEN. the death of a parent and the distribution of assets is a highly emotional event. People may act in ways you would never expect. Be sure you can handle being in the middle of it all.

I am my parents' named executrix. I am a attorney practicing in estate planning and probate. While I have the professional expertise to do the job, I'm not sure I want it.
. This. I would not do it.


+1

I'm pretty sure MIL would try to have the last say by giving SIL everything, and making her husband (BIL) in charge. Everyone knows it is an awful idea. But MIL was never really all there to begin with.

Anonymous
Post 09/30/2014 21:11     Subject: In laws made me executor of their estate
I'm listed as the executrix for my grandparents estate because i am by far the most organized person in my family. We've been working with an estate attorney to get as much cleaned up now as possible so that when they do pass it will be as easy to manage as possible. If it's something you think you would be good at then I'd accept the position.
Anonymous
Post 09/30/2014 18:34     Subject: In laws made me executor of their estate
Did they ASK you to be executor and you accepted? I was the executor to my father's estate an d it's a tedious, time consuming task and mine was fairly simple (everything divided equally between 3 kids). You don't need to be an accountant or a lawyer--just an organized person who has available time to visit banks, attorney appts, sell a house etc. My siblings and I get along well so there wasn't any problems.
Anonymous
Post 09/30/2014 14:04     Subject: In laws made me executor of their estate
Anonymous wrote:
Anonymous wrote:I am just finishing up my dad's. It's just me and my sister, the asset distribution was cleanly split down the middle. It probably helped that almost everything he has was in two large brokerage accounts, except for his personal residence. He had already transferred that over to me and my sister, while retaining "life rights" for himself.

If he had passed about 15 years earlier, it would have been alot more painful of a process. He got connected with an Edward Jones broker back then, and I am eternally grateful to her for consolidating a bunch of accounts he had and getting him out of speculative things into stable investments. She also had him set up a "Transfer on Death" document on the account, which simplified the asset distribution as well.

It also helped that I had been helping him with his paperwork for years, so I knew everything he had and there were no surprises. That's something that I think would be more complicated in an in-law situation.


He transferred his personal residence to you and your sister while he was alive? If the property had appreciated since he bought it, that would be a huge mistake. You and your sister will owe capital gains taxes whereas none would be owed if you two had inherited it upon his death.


It was done with a "life estate" maintaining his rights to the property. It was considered part of his estate for tax purposes, and we have the stepped-up basis for any future capital gains. No mistakes were made.