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Old 05-12-2021, 08:53 AM   #21
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At the time 24 years old, we thought our daughter was too young to be a sole executor of our wills. We named an older niece as co-executor, but our daughter can decline the co-executor if we die after she turns 30.

In the event that only one of us dies, the other is executor, so this is in the unlikely event of both of us dying in the next few years.
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Old 05-12-2021, 11:08 AM   #22
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My bachelor uncle chose the attorney who drew up his will (a large international charity was the sole beneficiary) to serve as his executor. This was a BIG (expensive and lengthy) mistake.

My sister and I were POAs for my uncle for the last 8 years of his life, and our 'powers' expired upon his death. It took me 9 years AFTER my uncle's death of hounding the executor-lawyer every few months before he FINALLY sent the remaining funds to the charity. Tiring of years of inaction from the executor-attorney, I contacted the charity to tell them that they were the beneficiary of a sizeable amount, but the executor-attorney was not moving very quickly to settle the estate. Within a month of my contacting the charity, the logjam was 'magically' removed and the funds were transferred to the charity.

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Old 05-12-2021, 03:58 PM   #23
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I don't know your situation but I would think of putting the heirs/beneficiaries in charge. They have the most at stake.
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Old 05-12-2021, 05:03 PM   #24
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As omni550 & RetMD51 imply, I also have seen numerous WILLS, POAs, DPOA's, TODs, POD's benefit those w/initial immediate access to said funds enormously and not benefit others named in the documents once the $ is paid out.

Good luck & Best wishes.....
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Old 05-12-2021, 10:50 PM   #25
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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.
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Old 05-12-2021, 11:14 PM   #26
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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.
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Old 05-12-2021, 11:25 PM   #27
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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.
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Old 05-13-2021, 02:52 PM   #28
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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.
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Old 05-13-2021, 05:00 PM   #29
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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.
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Old 05-14-2021, 03:30 PM   #30
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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...
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Old 05-14-2021, 04:01 PM   #31
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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).
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Old 05-14-2021, 04:46 PM   #32
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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).
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Old 05-16-2021, 08:19 PM   #33
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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 ...
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Old 05-16-2021, 10:24 PM   #34
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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.
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Old 05-17-2021, 04:54 PM   #35
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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...
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Old 05-21-2021, 05:24 PM   #36
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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.
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Old 05-21-2021, 06:35 PM   #37
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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!
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Old 05-21-2021, 07:13 PM   #38
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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
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Old 05-21-2021, 09:43 PM   #39
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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.
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