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