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reply to important ?'s

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J

JR329

Guest
reply to imp. ?'s
1: aug.2001
2: one of siblings was named executor
3:estate is open
4:no surviving spouse or children
5:approximate value is 100,000 dollars.

thanks;jr329
 


A

advisor10

Guest
SEPT. 27, 2001

DEAR JR329:

The first thing that the sibling who is executor needs to do is to submit the will to the county courthouse of the city where the person died. That will open the probate file and the executor will receive legal papers authorizing him/her to start claiming all assets (bank accounts, job benefits, insurance policies, stocks, bonds, CD's etc.) and should set up an account that is only used for estate business affairs (paying bills, funeral expenses, etc., taxes, utility bills, etc.). He/she should also check out 1-2 books at the library about the duties of an executor so he/she can get some idea of the responsibilities involved, as well as informally consulting with a local probate attorney.

The entire estate process may take about 1-2 months or more (depending on how simple the estate is and on how many other probate cases there are for the court to process). One of the estate expenses will be getting the deed/title to the home transferred to reflect the names of the new heirs/owners (whoever that will be).

After estate expenses have been paid, it is time to make distribution to the heirs and then close the estate. I can't find the reference book I need that mentions what the rate is for executor's fees, but I will send you an e-mail as soon as I find that information.

SINCERELY,

[email protected]
 
J

JR329

Guest
follow up,,,,

Also , bank accounts with co-signees and benificiaries of life ins. policies etc. that do not have to go to probate ,,,are they still considered part of said estate? or can they legally be distributed by executor before probate and/or lawyer take over??

thanks ,,,,,,,greatly appreciated,,,,,,,,,,,,,
 
A

advisor10

Guest
SEPT. 28, 2001 (Friday)


Bank accounts with co-signees might be considered joint tenancy--you would have to ask the bank about their policies on releasing the money--some will release the money to the co-signee, others will release the decedent's money only to the official executor.

Life insurance policies are NOT a part of the estate and payments can go directly to beneficiaries to spend any way they want. Again, some insurance companies will pay only to the executor (who is then supposed to give it to the beneficiary) and then others will go ahead and pay beneficiaries directly.

[email protected]
 

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