Estate and Probate Archives The Quitmeier Law Firm of Kansas City

What Does an Executor Do?

You may have heard the word “executor” but have no idea what one is. Or, maybe you’ve been asked to be an executor. Either way, it sounds like an important job, but what exactly does an executor do?

An executor is the chief administrator of a will. If you are drafting a will, your attorney will ask you who you want to be the executor. You may pick a relative, such as your spouse. However, you can pick anyone you think would be trustworthy and would do a good job. It’s important to exercise due diligence when selecting the executor of your will because it is an important job.

Executors are charged with processing the terms of the will, and some typical duties of an executor are:

Probate the will. This means initiating the court process known as probate through which the decedent’s assets are transferred to the beneficiaries.
Collect the assets of the decedent. The executor needs to perform a comprehensive search for all of the decedent’s assets. If the executor is careless or negligent in this task, the executor can be liable to persons who are negatively affected.
Pay the decedent’s debts
Pay administrative expenses
Pay taxes that are due on the decedent’s estate

After the debts, administrative expenses and taxes are paid, the executor distributes all of the remaining assets according to the terms of the will. Executors have a fiduciary duty to the estate and can be held liable for mismanagement. As a result, executors often retain an attorney or a certified public accountant to provide assistance.

Executors are reimbursed for expenses they incur throughout the process, and they are sometimes also entitled to statutory fees.

The choice of an executor is important, and if you are selected to be an executor, it’s a big responsibility. If either of these situations applies to you, contact an experienced estate and probate attorney at The Quitmeier Law Firm who can provide proper assistance to get the job done.

Paperwork: Shred, Scan or Store?

We all have it. Piles and folders full of it. What is is ? Paper. Most of the time, we don’t know what we need to do with it. Do we keep it? For how long? Do we get rid of it? When? Luckily, there are some great resources online that can help us tame the paper once and for all. This one is courtesy of Women&Co., a service of Citi.

25 Legal Documents You Need To Have

Having the legal documents you need before you die is important.

It isn’t enough simply to sign a bunch of papers establishing an estate plan and other end-of-life instructions. You also have to make your heirs aware of them and leave the documents where they can find them.

Consider: At least 10 states have been investigating whether some of the country’s largest insurers are failing to pay out unclaimed life policies to beneficiaries. California and Florida have held public hearings on the issue in recent weeks.

Insurers say they are behaving lawfully. Under policy contracts, they aren’t required to take steps to determine if a policyholder is still alive, but instead pay a claim when beneficiaries come forward.

You can avoid such problems by securing important documents and telling your family where they are stored.

The financial consequences of failing to keep your documents in order can be significant. According to the National Association of Unclaimed Property Administrators, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets. (You can search for unclaimed assets at MissingMoney.com .)

Most experts recommend creating a comprehensive folder of documents that family members can access in case of an emergency, so they aren’t left scrambling to find and organize a hodgepodge of disparate bank accounts, insurance policies and brokerage accounts.

You can store the documents with your attorney, lock them away in a safe-deposit box or keep them at home in a fireproof safe that someone else knows the combination to.

The 25 Documents You Need Before You DieIt isn’t enough simply to sign a bunch of papers establishing an estate plan and other end-of-life instructions. You also have to make your heirs aware of them and leave the documents where they can find them. Consider: At least 10 states have been investigating whether some of the country’s largest insurers are failing to pay out unclaimed life policies to beneficiaries.

via Wsj

Who Will Inherit Your Digital Assets?

You may have created a will or trust to take care of the distribution of your financial assets and real property upon your death, but what about your digital assets?

Remember ? if you have online accounts, you probably own digital assets that will continue to exist after you die. It is important that you designate someone to take over control of these assets after you die.

We typically equate Internet activity with younger generations. However, Internet usage spans all generations. If you have an email account, your emails and any files or photos shared in your account are considered your digital assets. If you are a Facebook user, the content of your account and any photos and videos linked to your account are digital assets. Pinterest boards, online gaming accounts, Twitter feeds, online photo albums, YouTube videos ? you name it, if you have signed up for it online, you have cyber or digital assets.

There are many ways to prepare for the management of your digital assets after you die. Some providers such as Google provide services that manage your accounts after death. For instance, Google allows you to designate beneficiaries to be contacted before deactivating your accounts. Google then keeps track of your online activity. After a period of inactivity, Google will contact you via text and email before deactivating your accounts. If no response is received, Google will contact your beneficiaries.

Additionally, there are online safe deposit boxes in which you may store your usernames and passwords. Alternatively, you could keep a list of your passwords in a safe place for a loved one or executor to use after you die. While executors can contact online service providers to request the contents of your online accounts, many services providers will decline to provide usernames and passwords.

Contact an experienced Missouri estate planning attorney at the Quitmeier Law Firm to help you plan for the distribution of your assets.

Having the legal documents you need before you die is important.

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