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    Executor's Guide How to Administer an Estate under a Will

    ISBN-10: 0275982033
    ISBN-13: 9780275982034
    Edition: 2004
    Author(s): Linda D. Kirby
    Description: You have been named the executor of a will by a friend or family member. Are you prepared to meet the challenge and do you know how to avoid personal liability? Thousands of individuals each year face the daunting and often painful task of settling  More...
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    List Price: $48.00
    Copyright Year: 2004
    Publisher: Greenwood Publishing Group, Incorporated
    Publication Date: 5/30/2004
    Binding: Hardcover
    Pages: 336
    Size: 6.25" wide x 9.25" long x 1.25" tall
    Weight: 1.430
    Language: English

    You have been named the executor of a will by a friend or family member. Are you prepared to meet the challenge and do you know how to avoid personal liability? Thousands of individuals each year face the daunting and often painful task of settling the estate of a loved one, and even with professional guidance from attorneys, accountants, and financial advisors, they are often ill-equipped to deal with many of the tasks necessary to manage and settle an estate--and may put themselves at serious financial risk. The Executor's Guide is the definitive instruction manual for anyone administering an estate under a will. Featuring step-by-step instructions, worksheets, checklists, and timetables, The Executor's Guide takes the reader through the entire process-from the time of death to the final closing of the estate. The Executor's Guide explains the full range of roles and responsibilities of the executor, including reading the will, hiring and supervising the attorney, dealing with court proceedings, notifying those who are entitled to property, finding and valuing assets, settling with creditors, filing taxes, and distributing the assets. Unique and highly practical elements include a comprehensive Summary of Assets (from "Annuities" to "Videos"), a glossary of essential terms, and a series of key questions to ask your attorney. Written in highly accessible language by an expert in the field, The Executor's Guide is at once authoritative and user-friendly--an essential resource for any family.

    LINDA D. KIRBY is an attorney in Wichita, Kansas, who, since 1988, has focused her practice on probate administration, estate planning, pre-marital agreements, wills, trusts and estate planning. Formerly a Professor of Law at the University of Richmond, she has taught at Newman University, Wichita State University and in continuing education programs for the Wichita Bar Association, Certified Financial Planners and Certified Life Underwriters.

    Introduction to the Duties of the Executor
    Legal Language
    The Responsibilities of the Executor
    Fiduciary Duty
    Liability of Executor for Breach of Fiduciary Duty
    Out-of-State Executor or Out-of-Area Executor
    Executor Can Decline to Serve
    Executor's Fees and Expenses
    Negotiation of Executor's Fees
    Income Tax on Executor's Fees
    Power of Attorney
    Checklist: First Tasks
    The Will
    Types of Wills
    Additions or Changes to the Will
    Custody of the Original Will
    Lost Will
    Stale Will
    Withholding the Will
    Evaluation of the Will
    Application of State Law and Interpretation of the Will
    Powers Granted in the Will
    Reading of the Will and the Family Interview
    Checklist: Next to Do
    Opening Court Proceedings
    Why Probate Is Necessary
    Choice of Probate Proceedings
    Estate Attorney
    Attorney's Fees
    Is a Bond Necessary?
    Decedent's Name
    Probate Timetable
    Checklist: Opening Court Proceedings
    Identifying All Interested Persons
    Interested Persons
    Legal Proceedings to Determine Heirs and Beneficiaries
    Minors, Disabled Persons, and Beneficiaries in Military Service
    Legal Notice Required
    When Is Legal Notice Required?
    Waivers of Notice
    Publication of Notice
    Checklist: Identify and Notify
    Guardians, Conservators, Custodians, and Trustees
    Who Needs a Guardian?
    Appointment of a Guardian for a Minor Child
    Appointment of a Guardian for a Disabled Adult
    When Decedent Was Guardian of Another Person
    Duties of the Guardian
    Who Needs a Conservator?
    Appointment of a Conservator for a Minor Child or Disabled Adult
    Duties of a Conservator
    Distribution to an Adult Who Has Not Previously Been Judged Disabled
    Custodian under the Uniform Transfers to Minors Act
    Trusts for Minors and Disabled Adults
    Checklist: Guardians, Conservators, Custodians, and Trustees
    Inventory and Valuation of Assets
    Introduction to Identifying Assets
    Discovery of Assets
    Where to Look for Assets
    Confirmation of Asset Ownership, Asset Description, and Value
    Ownership Modes
    Valuation and Appraisal
    Organizing Information about Assets
    Checklist: Inventory and Valuation
    Management of Assets
    Management Plan
    Need for Immediate Action
    Use and Occupancy of Estate Assets
    Secure Personal Items
    The Obituary
    Insurance to Protect Estate Assets
    Safe Deposit Box
    Protection of Valuable Papers
    Payment of Bills
    Cash Requirements of the Estate
    Estate Checking Account
    Joint Tenancy Accounts Used to Pay Expenses
    Early Distribution of Assets
    Death Certificates
    Letters Testamentary
    Decedent Was a Fiduciary
    Retitling Assets
    Investment of Estate Assets
    Investments Purchased by Decedent
    Checklist: Management of Assets
    Sale of Assets
    Duty to Not Self-Deal
    Accounting for Sale
    Minimum Sale Price
    How to Set the Price
    Sale of Personal Property
    Distribution of Personal Property to Family Members
    Sale of Real Estate
    Checklist: Sale of Assets
    Claims and Demands on Decedent's Estate
    Notice to Creditors
    All Claims Must Be Exhibited by Creditors
    Approval and Payment of Claims
    Types of Claims and Demands on Estate
    Insolvent Estates
    Schedule of Abatement
    Accounting for Payments and Abatement
    Warning about Specific Gifts in a Will
    Checklist: Creditors
    Income Tax for the Beneficiaries, Devisees, and Legatees
    Basis Step-Up
    Filing Tax Returns for the Decedent and the Estate
    IRS Forms SS-4 and 56
    Decedent's Income Tax Returns
    Estate's Income Tax Returns
    Federal Estate Tax Return
    Generation-Skipping Transfer Tax
    State Inheritance, Succession, or Estate Tax Return
    Consent to Transfer
    Elections and Options
    Elections Presented in the Federal Tax Code
    Elections and Options Not Presented in the Federal Tax Code
    Who Pays the Taxes?
    Liability of Executor for Tax Decisions
    Checklist: Taxes
    Special Considerations
    Pre-Marital and Post-Marital Agreements
    Survival Clauses
    Simultaneous Death Clauses
    Settlement Agreements
    In Terrorem Clauses
    Testamentary Trusts
    Living Trusts
    Checklist: Special Considerations
    Final Settlement, Distribution of Assets, and Discharge of the Executor
    Determination of the Estate to Be Distributed
    Claims and Demands on the Estate
    Types of Claims and Demands
    Abatement of Gifts to Pay Debts, Taxes, and Expenses
    Classes of Gifts
    Limits to the Distribution of the Estate
    Process for Determining Distribution
    Petition and Order for Final Settlement
    Transfer Assets to New Owners
    Instructions for Transfer of Specific Types of Assets
    Receipt and Refunding Agreements
    Distribution of Household and Personal Property
    Distribution to Minors and Disabled Persons
    Distribution to Trustee
    Closing the Estate and Discharging the Executor
    After Discharge
    Reopening the Estate
    Checklist: Final Settlement, Distribution of Assets, Closing of the Estate, and Discharge of the Executor
    Probate Timetable: Court Proceedings
    Timetable Necessary for All Estates
    Proposed Method for Distribution of Personal and Household Items
    Worksheets and Forms
    Summary of Assets
    Types of Assets
    A Survey of Specific Types of Assets
    Automobiles and Other Motor Vehicles
    Bonds (Corporate Bonds, Municipal Bonds, U.S. Government and Agency Bonds)
    Cash and Uncashed Checks
    Cemetery Lots
    Death Benefits
    Debts Owed to the Decedent
    Deposit Accounts
    Devises, Legacies, and Inheritances from the Estate of Another
    Family Memorabilia, Photographs, and Videos
    Gifts Made before Death (within Three Years of Date of Death)
    Gift Tax Paid Three Years Prior to Date of Death
    Goods in Storage
    Income-in-Respect of Decedent
    Intangible Personal Property
    Joint Interests
    Life Insurance
    Mutual Funds
    Oil, Gas, and Other Mineral Interests
    Personal and Household Effects (See also Family Memorabilia)
    Promissory Note
    Real Property
    Retirement Plans
    Tangible Personal Property
    Questions to Ask Your Attorney
    Chapter 1
    Chapter 2
    Chapter 3
    Chapter 4
    Chapter 5
    Chapter 6
    Chapter 7
    Chapter 8
    Chapter 9
    Chapter 10
    Chapter 11
    Chapter 12

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