Executor's Guide: Settling a Loved One's Estate or Trust 3rd edition

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Table of Contents......Page 9
PART I: Getting Ready......Page 17
The Executor’s Legal Companion......Page 19
1. Overview......Page 21
What Executors Do......Page 22
What Trustees Do......Page 24
Payment for Serving as an Executor or Trustee......Page 25
Dealing With Emotions—Yours and Your Relatives’......Page 26
2. If You’re Asked to Be an Executor or Trustee......Page 27
Should You Accept the Job?......Page 28
Making the Job Manageable......Page 32
PART II: First Steps......Page 47
3. The First Week......Page 49
Organ, Tissue, and Body Donation......Page 50
Burial or Cremation......Page 53
Funerals and Memorial Services......Page 61
Other Tasks During the First Few Days......Page 62
4. The First Month......Page 65
Set Up a Filing System......Page 67
Order Copies of the Death Certificate......Page 70
Find the Will......Page 72
Find Other Documents That Leave Property......Page 76
Send Notifications of the Death......Page 79
Sort Through Personal Belongings......Page 86
5. Claiming Life Insurance, Social Security, and Other Benefits......Page 89
Life Insurance and Annuity Proceeds......Page 90
Social Security Benefits......Page 97
Veterans Benefits......Page 99
Wages Owed the Deceased Person......Page 101
The Family Allowance......Page 102
Other Possible Benefits and Claims......Page 103
PART III: Taking Care of the Estate......Page 105
6. Making Sense of the Will......Page 107
Does the Will Appear Valid?......Page 109
Reading the Will......Page 115
Gifts to Groups of People......Page 129
When to Take a Second Look at the Will......Page 134
7. If There’s No Will......Page 147
Who’s in Charge......Page 148
Who Gets What: The Basic Rules......Page 149
Understanding Key Terms......Page 152
If an Heir Has Died......Page 157
Taking Care of Minor Children......Page 159
8. Taking Inventory......Page 161
Step 1: Look for Assets......Page 162
Step 2: Make a List of Assets......Page 166
Step 3: Estimate the Value......Page 173
Step 4: Add Up Debts......Page 178
Step 5: Determine How Title Was Held......Page 179
9. Managing Assets and Paying Bills......Page 189
Your Legal Duties......Page 191
Keeping Good Records......Page 193
Setting Up an Estate or Trust Bank Account......Page 194
Keeping Tangible Assets Safe......Page 196
Managing Cash Accounts and Investments......Page 199
Paying Claims and Debts......Page 200
Giving Property to Beneficiaries......Page 204
Selling Property......Page 205
Handling a Business......Page 206
10. Caring for Children and Their Property......Page 209
Immediate Concerns......Page 210
Raising a Child......Page 211
Managing a Child’s Property......Page 215
Personal and Practical Issues......Page 220
11. Taxes......Page 223
Overview......Page 225
The Deceased Person’s Income Tax: Form 1040......Page 228
The Estate’s Income Tax: Form 1041......Page 232
Income Tax on Trusts......Page 236
Federal Estate Tax......Page 237
State Inheritance and Estate Taxes......Page 244
Beneficiaries and Taxes......Page 247
Typical Situations......Page 251
PART IV: Transferring Property......Page 257
12. Property That Doesn’t Go Through Probate......Page 259
Common Assets That Don’t Go Through Probate......Page 260
Community Property......Page 262
Real Estate That Qualifies as a Homestead......Page 263
Life Insurance Proceeds......Page 264
Savings Bonds......Page 265
Real Estate Left by a Transfer-on-Death Deed......Page 266
Personal Property in “Small Estates”......Page 267
13. Transferring Joint Tenancy and Other Survivorship Property......Page 269
Real Estate......Page 270
Bank Accounts......Page 272
Securities......Page 273
Savings Bonds......Page 278
If Title Wasn’t Cleared When the First Joint Tenant Died......Page 279
14. Transferring Community Property......Page 281
Your Transfer Options......Page 282
Community Property Agreements......Page 283
State Probate Shortcuts......Page 284
When the Second Spouse Dies......Page 287
15. Claiming Money in Retirement Plans......Page 289
Retirement Plans: The Basics......Page 290
Who’s the Beneficiary?......Page 292
If the Surviving Spouse Is the Beneficiary......Page 294
Non-Spouse Beneficiaries......Page 296
Special Rules for Multiple Beneficiaries......Page 298
If a Trust Is the Beneficiary......Page 299
If No Beneficiary Was Named......Page 300
If the Estate Is the Beneficiary......Page 301
16. Claiming Payable-on-Death Assets......Page 303
The Effect of Divorce on POD Beneficiaries......Page 304
How Beneficiaries Can Claim Assets......Page 305
17. Special Procedures for Small Estates......Page 307
Are You Handling a Small Estate?......Page 308
Claiming Property With Affidavits......Page 310
Using Simplified Probate......Page 317
18. The Regular Probate Process......Page 321
Common Questions About Probate......Page 323
The Typical Probate Process......Page 325
The Process in Uniform Probate Code States......Page 332
Disputes During Probate......Page 336
Do You Need a Lawyer?......Page 340
If You Go It Alone: Working With the Court......Page 342
PART V: Handling Trusts......Page 345
19. Wrapping Up a Simple Living Trust......Page 347
How Simple Living Trusts Work......Page 348
If You’re the Surviving Spouse......Page 350
The Affidavit of Assumption of Duties......Page 352
What’s in the Trust......Page 354
Notifying Beneficiaries......Page 355
Getting Valuable Property Appraised......Page 358
Debts and Expenses......Page 359
Transferring Trust Property......Page 360
Ending the Trust......Page 368
20. Managing a Child’s Trust......Page 371
How a Child’s Trust Works......Page 373
The Trustee’s Job......Page 374
Accepting or Declining the Trustee’s Job......Page 376
Gathering Trust Property......Page 380
Communicating With Beneficiaries......Page 381
Registering the Trust......Page 386
Investing Trust Property......Page 387
Keeping Good Records......Page 392
Handling Trust Taxes......Page 393
Distributing Property......Page 394
If You Want to Resign......Page 396
Ending the Trust......Page 397
21. Handling a Bypass (AB) Trust......Page 399
How a Bypass Trust Works......Page 401
The Surviving Spouse’s Rights and Duties......Page 404
What’s in the Trust......Page 407
Getting Valuable Property Appraised......Page 409
Notifying Beneficiaries......Page 410
Registering the Trust......Page 411
Dividing Trust Assets......Page 412
Managing the Bypass Trust Property......Page 414
Tax Returns for the Bypass Trust......Page 418
PART VI: Getting More Help......Page 421
22. Finding More Information......Page 423
Online Resources......Page 424
Finding Forms......Page 428
Researching Specific Questions......Page 429
23. Lawyers and Other Experts......Page 433
Deciding What You Want From a Lawyer......Page 434
Finding a Lawyer......Page 436
Choosing a Lawyer......Page 437
Working With a Lawyer......Page 438
Paying a Lawyer......Page 439
Solving Problems With Your Lawyer......Page 441
Glossary......Page 443
Appendix: State Information......Page 455
Index......Page 509
Related Products......Page 533