Getting Cash Quickly To Executors

[happy2bretired]

Of course, a well drawn Power of Attorney can do the same thing but keep in mind it will not cover you in case of death. PoA dissolve at death of person.

I learned this the hard way. My husband had a very small saving account that he forgot to add my name on. That little savings account gave me more trouble than anything. Like a dummy, I went to the bank with the death certificate and since my name was not on the account, they couldn't do anything for me. Now, if I had taken in the POA, and not told them of his death, I would have been fine.

 

[Brat]

I would NEVER tell a financial institution that a death had occurred.

We learned, also, that they retain a copy of trust agreements and other founding paperwork for 5-7 years. After that all they have is, effectively, the signature card and title of the account.

 

[happy2bretired]

I would NEVER tell a financial institution that a death had occurred.

Well, ya gotta tell 'em sometime or you won't get your money.

 

[Walt34]

He never would have been able to sleep again had he robbed her estate of even one penny. When he sent distributions from the estate, if there were an odd number of cents he even shorted himself one cent instead of shorting my other brother or me. I am so grateful to him and feel lucky to have such an honest, reliable brother.

Sounds about like what I did. When the dust settled on the estate my two sisters insisted on taking me and DW out to a nice dinner.

And... having heard other horror stories of vulture relatives, they never once asked to see the supporting documentation for the financial statements I sent them even though I asked them to look it over to make sure I hadn't failed to dot an i or cross a t.

The biggest point of discussion was who got to keep the stuffed angel bear that my mother had made. So we decided to pass it around once a year.

 

[Finance Dave]

The biggest point of discussion was who got to keep the stuffed angel bear that my mother had made. So we decided to pass it around once a year.

That is a fabulous idea...your spirit of sharing within your family is heartwarming.

I have one brother and one sister...and I hope we can be the same way. I can't be sure until it happens, but I think we'll be ok.

My dad worked 35+ years at AT&T. He asked me about 3 years ago if there was anything specific I wanted out of his estate, as he was re-working his will. I told him I'd love to have one of the old telephones he has, as a memory of him.

He has about 12 phones from various stages of history...I like the one where you hold the one piece to your ear and talk into a different piece on the wall...with a crank on it. I'd hang it on a wall somewhere, and once a year I'd "dial him up" just to make sure he's doing ok.


My dad is still alive and healthy...but he's in his mid '70s now so anything goes. I hope he lives many more years, we are very close.

 

[Brat]

Well, ya gotta tell 'em sometime or you won't get your money.

When an asset is in a revocable living trust the nature of the trust changes upon the death of the last grantor, it becomes irrevocable and needs its own tax ID. Getting the tax ID doesn't take long at all, you can do it on the internet, but if the remainder trustees are dealing with the passing of a loved one this detail is just one too many (don't make the mistake I did of entering the date of the establishment of the revocable trust as the start date of the trust, the date to enter is the date of the grantor's passing). Then each financial institution has their own procedures to rename the trust. There are times to button your lip and do what is necessary for the moment. They will be told soon enough.

Frankly I don't see the need to have a lot of cash quickly for executors, most people who need to be paid can handle 30 days and if the death is expected a family member can be advanced (with an IOU) enough to handle the funeral or put it on plastic.