Wednesday, September 5, 2018

The Executor Shouldn't Need to Start from Scratch


When there’s a death in the family, the responsibility of settling the estate is often designated to the oldest child or to a sibling. One problem that too often arises, explains certified home inventory professional Cindy Hartman, is that, in addition to making funeral arrangements, placing the house on the market, and finalizing the financials, the executor needs to create an inventory.

The inventory consists of a list that must be submitted to the court within sixty days of the estate’s opening.  The list needs to include all financial assets as well as the contents of the home (and of any storage facilities) containing the deceased’s belongings. And not only does that inventory list need to be compiled, the executor must determine the fair market value of each item. In other words, besides gathering the estate property, paying debts and distributing assets to the decedent's heirs, the executor must also complete a court-approved inventory form.

That means that, at one of the most emotion-filled times in his or her life, the question on an executor’s mind is typically “Where do I start?” Hiring a certified home inventory professional can relieve the executor of this work, Hartman explains.

As estate planning attorneys, we at Geyer Law counsel:
  • executors
  • personal representatives
  • trustees and
  • beneficiaries,
with the goal of reducing stress and ensuring prompt resolution of the settlement and administration of estates.  We’ve found that regular communication with all parties involved goes a long way to reduce conflict and delays.

Still, it’s always better when you start things out as part of your estate planning process, rather than leaving the job to your heirs.  To start, Investopedia suggests, go through the inside and outside of your home and make a list of all items worth $100 or more. “Examples include the home itself, television sets, jewelry, collectibles, vehicles, guns, computers/laptops, lawnmower, power tools and so on,” the authors of “16 Things to Do Before You Die” advise.

Cindy Hartman has it right: Often individuals do not know where to begin when someone in their family dies. Planning before death can relieve a large portion of the burden work that falls upon the executor, although there are still tasks that will remain to be accomplished. We provide full-service estate administration services to guide families through the process from start to finish.


 - by Ronnie of the Rebecca W. Geyer blog team

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