Organizing the Estate

 

Walking into an estate situation can be tricky.  It can range from a somewhat simple switch of ownership to a surviving spouse to a complete undocumented mess with rival beneficiaries, creditors and no locks on the doors.

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Any advance planning and organizing will only make everyone’s life easier.  As people age some aspects of personal hygiene along with the living conditions tend to slip.  Some of these issues were brought up in Aging is a fact of life. Other topics to review include the current living situation. 

• Is the house or apartment everyone grew up in still appropriate for aging parents? Some people want to remain in their places for as long as possible because they feel comfortable there and have a routine. Other people want to move on and live in an environment where the daily chores are taken care of.  Family members should gain an understanding of this and help elder members adjust their living arrangements. Houses and apartments can be modified to some extent, while senior housing has changed over the last few years to allow more freedom for its’ inhabitants.  

• Numerous tips and questionnaires posted within ET along with the Calendar function can help family members navigate these changes in life.

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There are certain timepoints to consider and responsibilities to take on when taking on the role of Executor. These points are covered in detail in the ET Calendar Function which is available within the subscription link: 

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In short, the representative has limited rights prior to being recognized as the official Estate Executor (or Administrator).  At the same time, time is of the essence and family members will be looking for a person to step up and insert some organization into what could be a chaotic situation.  As mentioned earlier it would be to everyone’s benefit to start the overall process as early as possible, (months or years). The sooner the conversation starts the easier it is to introduce and tackle some tough topics. 

It’s also easier to collect information when the information owner is there and laying everything out.

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Below is a list of the items and topics to look for:

• Income streams:

• Rent on income properties

• Stock dividend and bond coupon payments

• Payments on mortgages, land contracts, and promissory notes held

• Royalties on patents, mineral rights, books

• Insurance dividends

• Tax refunds

• Social security,

  • VA, pension benefits

• Consultation fees and other

• Deposits for electrical, phone, internet service

 

• Expenses:

• Recurring expenses such as:

  • Mortgages

  • Utilities

  • Phone/TV/Internet

  •  Home maintenance

  •  Auto bills: registration, insurance

  • Memberships/subscriptions

  • Taxes

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• Non-recurring but regular expenses:

  • Credit card bills

  • Medical

  • Personal debts

  • Hobbies

              

Information regarding income and expenses can be found on :

• The desk at home, on top and in the drawers,

• File cabinets

• Closets

• Computers (all of them)

• Mobile phone(s)

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If the person was still employed or in a partnership or owner, gain access to their work space to look for personal items only.

Some people are known to store items in less than conspicuous places:

• Bedroom dresser

• Clothes closets

• Garage

• Basement,

  • attic, which may have a workspace, family and private storage areas, (like the rafters)

• Tool shed

• Car (especially registration, insurance, mechanic, and maybe even the title.)

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There many stories of items stored in clothing including cash, jewelry, keys, weapons, etc.

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Mail

Manage mail delivery as soon as possible.  The USPS mail carrier may notice mail piling up and instruct the post office to hold mail for up to 15 days, then start returning all mail.  Once this occurs the USPS will not release any mail from the government departments such as the Veteran’s Administration, DMV and the Social Services Administration along with checks and credit cards.

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Look through incoming mail, looking for letters from banks, investment houses or firms that look official enough to unearth long term investments or agreements.  The estate is not able to cash checks for Social Security or VA benefits and need to be returned to the sender.

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To make things easier for the executor produce a change of address form remembering to bring to the PO the executors’ ID along with a copy of the Death Certificate and the executor letter of authority.

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Overall, mail should be sorted into:

• Assets

• Liabilities

• Social Correspondences

• Magazines and other subscriptions

• Ads/Junk mail

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Collecting mail for one year should capture most if not all relevant mail.

 

Safe Deposit Box

A safe deposit box is a great place to store valuables but not a will. Either a home-based safe or one located at a bank it makes the executor’s job just that much harder to find and access a will. An executor will need to look around for evidence of a lock box or storage contract. The executor will also need a key or combination. 

If Executor cannot locate any safe deposit box, but it is believed that the decedent had one, the Executor should send a letter of inquiry to all local banks with which the testator did business. 

If that is unsuccessful then the American Safe Deposit Association (ASDA) will be able to cast a further net with its members. There is however a fee for this service.  As of Jan 2021 we are unable to locate this Association. However, the American Bankers Association has provided a link https://www.aba.com/member-tools/industry-solutions/insights/owner-location-services-for-safe-deposit-boxes

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When a box is located a number of states require that a State Treasury representative be present for tax and fraud purposes. The executor will need to provide proof of ownership or joint ownership, a copy of the death certificate and his/her letters of Authority.

Once the contents are accounted for then decide whether to remove the contents to another location or rent a new box in the name of the estate.  This will protect valuables or unknown or contested assets.

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