Executor Set
I'm executor of my mom's estate. And eighteen months after she died, I'm still doing stuff. I remember when she discussed the idea with me. "Sure," I said, "I'll be glad to be executor." Little did I realize that being an executor - even one for a relatively small and simple estate like hers - is real work. Sometimes a lot of it. Don't ever think executor is some honorific for a dutiful child. You get down and dirty. And if you screw up, you can be sued for malpractice.
Much of my work has been straightforward: canceling accounts, selling her house, paying bills. Some has been a little complex: locating assets, understanding estate taxes, transferring ownership. A little has been humorous: writing a church lady to explain I really don't have the Our Lady of Perpetual Work maracas despite her clear recollection of having given them to my mother or displaying my woeful city-boy ignorance about soybeans, mushrooms, and no-till to bemused Eastern Shore farmers.
Then there is the frustration. In my case, it's all come from one source: Investment Services Corporation. My mother owned a brokerage account that contained a number of equities. It manages the account. The account isn't large by most standards but it seems big to me. Part of my job as executor is to get that brokerage account moved from her name to mine. It's a simple journaling task that brokers and investment companies do all the time. Should take two weeks. In my case, it's taken 5 months and it still isn't done. I blame incompetence on the part of the investment representative I'm supposed to work with. Incompetence and the fact that the guy knows that I do not intend to leave the account with him. Three times I've sent the paperwork. But Investment Services Corporation has lost my forms, sent me the wrong forms, not followed-up, and generally ignored my phone calls. This is no small company; it's in the Fortune 500 Top 20.
I'd like to think I'm in the home stretch. All my ducks are in rows. I just got my "all clear" letter from the IRS. (Who'd have thought a letter from the IRS would bring such joy?) The lawyer kissed me goodbye.
But Investment Services Corporation has other ideas.
K-
Hey K ...
This is scarey for me. When Dad passed last year, Mom let me know I was named executor in her will. Ugh ... this is so intimidating because I know nothing about law or how this is going to work.
Thank goodness she's not sick ... and although her health isn't the best I think I've got years and years before I have to deal with this.
Have any suggestions on how to prepare myself? Is there an "Executor For Dummies" book I should pick up? LOL
Actually, ThirtyWhat, I do. The biggest thing is know where your mom's assets are. All of them. Ask your mother today what she has, where it is, and how much it's worth. Stocks, annuities, insurance, real estate, possessions, everything. You will probably feel uncomfortble talking to her about this (and she may not feel comfortable telling you) but being executor is real work and you will need to know. It's not a case of being nosy. I spent a lot of time and effort trying to figure out where my mom's assets were. Also have your mom look into creating a living trust and have her move her assets into the trust. Your mother will be trustee of her trust and you will be named successor trustee. She will need a good estate lawyer to set up the trust. She should put most of her assets in her trust (including stocks, savings and checking, house, farm land, annuities, and so on). Assets in a living trust avoid probate (probated assets can be claimed by creditors) and it simplifies distribution to heirs. Be sure you have power of attorney (medical and financial) if she becomes incapacitated. There should also be a living will.
And I did pick up a book. It's called: "How to Settle an Estate: A Manual for Executors and Trustees".
No one likes to think or talk about these things. Unfortunately, for everyone, there will come a time when you're forced to deal with it.
K-