Will Executors?

[rk911]

Acting as executor right now.
I'd suggest everyone (including myself), list banks, brokerages, annuities, and life insurance policies - just the institution name and account/contract number.

It's amazing how difficult it is after the fact to piece together the location of various pots of money.
Worse is because of no list, there is that nagging thought that something was missed.

my wife and i are in the same situation. we are successor trustees for her late brother. we did not know he had a trust and will until after he passed or that he named us. it's an ongoing hunt looking for what he owns and owes.

 

[RetireeRobert]

Acting as executor right now.
I'd suggest everyone (including myself), list banks, brokerages, annuities, and life insurance policies - just the institution name and account/contract number.

It's amazing how difficult it is after the fact to piece together the location of various pots of money.
Worse is because of no list, there is that nagging thought that something was missed.

In my own case, my RLT has a schedule of assets, both those pass by being titled in name of trust such as home and brokerage account, as well as those such as IRAs and life insurance that pass to named beneficiaries.

In addition, once a year, I put statements for each IRA, taxable investment brokerage account, and bank account in the back of the binder---and have this "statements" section labelled and listed in the RLT "table of contents" which is the first page.

I am fairly sure my three kids will love me for doing that once the time comes.

 

[RetMD21]

In my own case, my RLT has a schedule of assets, both those pass by being titled in name of trust such as home and brokerage account, as well as those such as IRAs and life insurance that pass to named beneficiaries.

That's a good idea. I have a google doc for my wife/children. I include closed accounts. I am still trying to track down accounts for MIL. Can't tell if her husband closed or rolled over some of them.

 

[audreyh1]

In my own case, my RLT has a schedule of assets, both those pass by being titled in name of trust such as home and brokerage account, as well as those such as IRAs and life insurance that pass to named beneficiaries.

In addition, once a year, I put statements for each IRA, taxable investment brokerage account, and bank account in the back of the binder---and have this "statements" section labelled and listed in the RLT "table of contents" which is the first page.

I am fairly sure my three kids will love me for doing that once the time comes.

I expect that at least one of them will help you maintain it in the last years.

 

[Texas Proud]

Acting as executor right now.
I'd suggest everyone (including myself), list banks, brokerages, annuities, and life insurance policies - just the institution name and account/contract number.

It's amazing how difficult it is after the fact to piece together the location of various pots of money.
Worse is because of no list, there is that nagging thought that something was missed.

Same...


I will say that if you have aging parents that you find out if they have any OLD life insurance policies... my mom had one that was bought in the 1930s before SS was in place... the last change to it was when she made my dad beneficiary in 1941....


So, trying to get them to give me info was tough... they wanted to know here 'last known address'... try looking for an address from 1941... (I got lucky as it was on my sisters birth certificate!!!)...


It was a mutual company that demutualized so she now had shares... but they were sent to NY state... it took forever to get them to do anything and the pandemic did not help at all...


So, make sure they keep in contact with any accounts/policies and update to current info so it is easier on you...

 

[steelyman]

The other thing to keep in mind are states’ unclaimed property divisions. It can take a while to show up but assets are eventually escheated (turned over as unclaimed).

 

[Sunset]

The other thing to keep in mind are states’ unclaimed property divisions. It can take a while to show up but assets are eventually escheated (turned over as unclaimed).

As a last ditch hope, of course I check every now and then for relatives and have found a few measly ones. Problem with State sites is: I always thought it is 10 yrs after they are "lost" . And of course fees are sucked out of them for the 10 yrs.

Naturally insurance death benefits would not fit in this, as there is no "lost" payment until it is claimed. (IMHO).

 

[Texas Proud]

As a last ditch hope, of course I check every now and then for relatives and have found a few measly ones. Problem with State sites is: I always thought it is 10 yrs after they are "lost" . And of course fees are sucked out of them for the 10 yrs.

Naturally insurance death benefits would not fit in this, as there is no "lost" payment until it is claimed. (IMHO).

Wonder what state you live in that charges fees...


I got money from Texas and New York and no fees at all... Just time jumping through the hoops they have to get it back if you are not the person... being an executor is a pain to get it ...

 

[Sunset]

Wonder what state you live in that charges fees...


I got money from Texas and New York and no fees at all... Just time jumping through the hoops they have to get it back if you are not the person... being an executor is a pain to get it ...

It's not the State that charges fees, it's the institution that holds onto the money for the first (up to 10 yrs) , that charges fees. Like inactivity fees, etc.

Once what is left gets to the State, my experience has been it sits there without interest until claimed.

 

[Texas Proud]

It's not the State that charges fees, it's the institution that holds onto the money for the first (up to 10 yrs) , that charges fees. Like inactivity fees, etc.

Once what is left gets to the State, my experience has been it sits there without interest until claimed.

OK... but no company took out fees on my mother's balances either


I can see if it is a bank account and it has fees... but that is maybe 2 years from what I read...

 

[MikeyInMarin]

I would look for private professional fiduciaries. That's their job and they will be cheaper, and probably more efficient, than having an attorney do it. In California they are licensed and bondable. Not sure about your state.

Coincidentally, I am setting up my RLT, AHD, et al, right now. Using a fiduciary is what the lawyer said to do. The primary role of the trustee is to pick a fiduciary. A fiduciary I spoke with told me about is a fiduciary organization (PFAC) to search for for fiduciaries.

I’m also in California.

 

[Retired Expat]

An earlier thread about this issue contained a post by a lawyer, who said it's very expensive to have lawyer bill rates occurring for your executor.

I wonder if banks or trust companies might provide this service.

Looked into this a lot a few years back. Simplest solution I was given was to move most assets into a revocable trust now or a QPRT that transfers the assets upon ones passing but this still needs an attorney. Likewise the estate will need to file tax returns and likely need an accountant.

You could sell off assets now and rent or lease back and do what many do which is to go through and reduce your stuff so the work of selling off your possessions is easier. A particularly good plan if a family member would have to do it instead. Just a thought!

 

[CaliKid]

Coincidentally, I am setting up my RLT, AHD, et al, right now. Using a fiduciary is what the lawyer said to do. The primary role of the trustee is to pick a fiduciary. A fiduciary I spoke with told me about is a fiduciary organization (PFAC) to search for for fiduciaries.

I’m also in California.

Yes, PFAC-pro.org

 

[bzribee]

I also named a Professional (licensed, etc) Fiduciary to handle the estate and also issues if I become incompetent or ill. Their rates are based on the skill needed: more for dispersing the estate, less for health care needs, household repairs, etc. It's a multi-service company.



The charity portion of my estate will be handled by a Foundation who take a percentage for doing so. I don't think they handle the personal parts of the estate but I didn't check into that. I guess I will when I update.



The only negative is that though the Fiduciary is highly recommended, I really don't know her or her staff and they don't know me. With COvid, we never met in person though I sent highly detailed instructions.



There's no charge until their services are needed.


My attorney wouldn't act as Fiduciary/Executor due to "Conflict of Interest". This seems to be common in CA. She is the one who pointed me to the choices I made.