I have another update to report and its not a good one. I had last posted on 9/22 that my wife and I were coming up with a game plan on how to talk to my mother about all of the issues that I brought up. We visited and brought her meals each of the following days. One day she looked pretty bad, the next she looked better, was holding a normal conversation and moving around with her walker.
On Monday 9/26 we went to visit and she was in very bad shape. She was disoriented and confused. She was having trouble breathing and couldn't sit up by herself. We brought her to the emergency room and without getting into details, she passed away yesterday. We found out that she had a very aggressive form of lung cancer which had also spread to her liver. She had pneumonia and a variety of other less serious issues.
Obviously I felt very guilty about the whole situation but the doctor has assured me that she wouldn't have survived much more than another week or two no matter what we had done. After talking to more doctors I now believe that she knew she had cancer and was either in denial or didn't want to worry us (or both) which is why she didnt tell us anything and why she didn't get the care she needed. My brother and sister are all here and we are doing OK emotionally.
This brings me to the reason for posting so soon after her death. I am the executor of her will and would love to hear any advice you all have for me. She will be cremated and all of those arrangements have been made. I have notified Social Security. I have a power of attorney to handle all financial matters (bank accounts, real estate ect).
I have some specific questions
1) Do I need to file the will somewhere?
In our state, one has to file the will with the court and qualify as executor. A procedural thing.
2) Does the will supercede the beneficiary info on her IRA. There are 4 of us kids and we are all listed 25% each on her IRA but her will specifically excludes one of her kids entirely and says that all of her assets should be split 3 ways. My brother who has been excluded is not here with us and has no idea what money she does or does not have. I dont expect him to cause a problem but if the IRA beneficiary is not superceded by the will I assume they will send his portion directly to him?
Account titling normally supercedes the will. But check with an attorney none the less. As executor you will have to let the beneficiaries know about the assets thru an "accounting" which is part of the probate process and filed with the courts. You will have to account for every penny....so keep good records. (i.e., the governments don't know that you don't owe them money unless it is documented - that sort of thing)
3) My mother has a 6 figure estate, but I believe there is no death tax since her estate is under a million?
That is correct. The Federal Unified Tax Credit is currently 5 million. Anything below that, there is no Federal DeathTax. However, you need to check to see if your state imposes a death tax. All states differ on this matter. You will have to file her 2011 income taxes ...both State and Federal. You will (may) also have to file the Estate Tax Return...whether she owes money or not. The government does not know what value your moms estate is. It has to be recorded/filed.
4) I dont think she has life insurance but is there some way for me to find out? Is there some registry somewhere that can check? I cant very well call every insurance company and ask.
Feel free to advise me on any other isse you know will come up that I probably havent even considered yet.
THe best thing to do is to contact your local court system. They will tell you what you need to do. You can also quickly search the Internet for responsibilities of an "Executor". This is not a quick "job". Courts typically have or retain the services of a local lawyer and whose title is something like a "Manager of Accounts"....to work on behalf of the court system when a death occurs.
Everything is As of the DATE OF DEATH....meaning account balances. That is the starting balance on the estate. If you don't have those records....you could start gathering the data. If there is a house involved, ask the court if you can proceed with an appraisal...etc. Anything spent will have to be accounted for.
So very sorry for your loss...utrecht.
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