K
kellyr
Guest
What is the time frame that things happen after death?
I facilitated my mothers estate into a revocable living trust back in '95 1 year after my father passed away. I am the power of attorney, medical power of attorney, executor, etc.
I have 6 brothers and sisters. I am number 6 of 7 children. I took charge only because I saw things that needed to be done regarding my father and mother's wishes. We, like most families did not address these issues because they were not something we wanted to face. I inititated the revocable living trust because of the experience with my fathers death. I told my brothers and sisters that I was going to set mom up (with her permission of course). I also facilitated a family meeting at one of our family reunions where I presented the details of the revocable living trust to family members and mother was present. All sisters and brothers(and Mom) thanked me for the initiative. I gained a great deal of experience with my fathers death (hospice, wills, medical power of attorney,etc) so I thought I might as well take care of mom with both her and the rest of the family's permission.
But, what happens when mom passes away? I realize that the trust takes effect immediately.....but what kind of timeframe am I looking at? I know I have access to accounts I may need to get to but what about things such as IRA's, CD's, etc.? Is it as simple as it seems? Do the authorities get involved? Is it as simple as providing death certificates to institutions and give them instructions what to do? is some kind of city, county, state, federal person going to be involved? Will I have to wait months or years for them to do something?
I live in Ohio. My mother lives in South Carolina. My sisters and brothers live in Saudi Arabia, S. Carolina, Oregon, Virgina, Hawaii and North Carolina.
Are there any red flags I need to watch out for? The trust is not complicated: condo, bank accounts, ira's to be divided 7 ways, minor details in the will such as sister XXXX will be given mom's wedding ring, trust is under 400K including condo.
I facilitated my mothers estate into a revocable living trust back in '95 1 year after my father passed away. I am the power of attorney, medical power of attorney, executor, etc.
I have 6 brothers and sisters. I am number 6 of 7 children. I took charge only because I saw things that needed to be done regarding my father and mother's wishes. We, like most families did not address these issues because they were not something we wanted to face. I inititated the revocable living trust because of the experience with my fathers death. I told my brothers and sisters that I was going to set mom up (with her permission of course). I also facilitated a family meeting at one of our family reunions where I presented the details of the revocable living trust to family members and mother was present. All sisters and brothers(and Mom) thanked me for the initiative. I gained a great deal of experience with my fathers death (hospice, wills, medical power of attorney,etc) so I thought I might as well take care of mom with both her and the rest of the family's permission.
But, what happens when mom passes away? I realize that the trust takes effect immediately.....but what kind of timeframe am I looking at? I know I have access to accounts I may need to get to but what about things such as IRA's, CD's, etc.? Is it as simple as it seems? Do the authorities get involved? Is it as simple as providing death certificates to institutions and give them instructions what to do? is some kind of city, county, state, federal person going to be involved? Will I have to wait months or years for them to do something?
I live in Ohio. My mother lives in South Carolina. My sisters and brothers live in Saudi Arabia, S. Carolina, Oregon, Virgina, Hawaii and North Carolina.
Are there any red flags I need to watch out for? The trust is not complicated: condo, bank accounts, ira's to be divided 7 ways, minor details in the will such as sister XXXX will be given mom's wedding ring, trust is under 400K including condo.