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I sell final expense insurance and you wouldn't believe the number of people I meet, who tell me they already have life insurance, but have no idea where the policy is, can't even remember the name of the company or anything else. I ask them how their beneficiary is supposed to find it when they die, if they can't find it themselves. And I assume plenty of those beneficiaries have no idea there is a life insurance policy to even look for. I had one woman, wheelchair-bound with end stage renal disease, swear to me that she had a $25k policy for $25 per month and that was enough to cover her final expenses (yes, it would be). I could not convince her that that coverage amount and premium were impossible to have bought at her then age, and that it was likely an accidental policy and she was not going to die in an accident. Some folks' beneficiaries will either have no idea there is life insurance or will get a nasty surprise when they go to file a death claim and it's denied. | |||
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| Member |
Adding people to accounts is problematic for a number of reasons. The assets show up in their name also for debt collection, I.D. theft, etc. | |||
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Member |
In addition to being named Executor in the will you must also have Power of Attorney - Financial. The attorney who drew up the will does this at the same time that the will is signed. Also Power of Attorney - Medical is most usually done also. These documents may be presented to the court to show that the deceased did not die intestate and a decision is made in favor of the executor. If bond had not been waived in the will for the executor, then bond is determined. A copy of the Power of Attorney - Financial, court documents, and death certificate are presented to the banking institution. My wife and I have a memorandum attached to our wills which list all debts, accounts, insurance policies, passwords to computers and online accounts, location of all papers and titles of property/posessions, combination to the gun safes, location of house-keys, spare keys, weapon accoutrements, etc. Our memorandums are quite lengthy and detailed. Our wishes for the disposal or our weapons is also included in the memorandum. Our attorney has a copy of all will documents and we have presented our executor with a copy of all documents. If we amend our wills we will also present amended copies to our executor. Regards, arlen ====================== Some days, it's just not worth the effort of chewing through the leather straps. ====================== | |||
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| Little ray of sunshine  |
Someone better know where the original is. Copies generally don't count. The fish is mute, expressionless. The fish doesn't think because the fish knows everything. | |||
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Hoping for better pharmaceuticals |
I'll throw my experiences here. First - get a consultation with a lawyer to determine the process. Here in Arizona you must make notice in a paper re: the death and ask for any creditors to submit their claims to the attorney. My attorney's office also had a fiduciary who was quite helpful and 1/2 the attorney billing rate. As I was dealing with a trust I had to submit a copy of the Trust, Death Certificate and letter to the Bank. I had to follow up over 3 weeks to get them to compete the process. I had to obtain an FEIN to be named on the trust. Keep track of your time spent (I put in over 80 hours over the course of the next year) I distributed copies of the will and documents to all beneficiaries. A list of assets was created as well as their disposition. Assets were sold and the bank held all the monies. This process took about a year. I had each beneficiary sign off as to their portion of the estate monies. Once all the paperwork was in I directed monies to be wire transferred to the beneficiaries specific accounts. I had it easier as no one contested the will. A contested will gets hung up in court. Good luck. Getting shot is no achievement. Hitting your enemy is. NRA Endowment Member . NRA instructor | |||
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member |
Certified death certificates are also considered "expired' after 6 months by some financial institutions. When I was executor for my Dad's estate, I got a dozen to start with. I needed a couple more later to make final settlements with Fidelity. Six months had passed, so one of the original dozen was not accepted. When in doubt, mumble | |||
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God will always provide |
As an aside...My Mother was in deteriorating mental capacity towards the end. I was also named on her new bank card right beside Her's. After her death and the bank found out, they would not let me remove the rest/any of her minute balance of $350. Irregardless of the paperwork I presented they wanted to go thru some legal mumble jumble that my Lawyer said would cost more than that amount. So there it sits slowly becoming the banks $ and I imagine some day I'll get a bill for their trouble. And foolishly I refused any compensation so my other worthless conniving siblings (except you Larry) could never say I ripped them off. No good deed goes unpunished indeed. Thanks Mom I appreciate being the good one more than you will ever know. | |||
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| No good deed goes unpunished  |
Yes, everyone should have financial and medical powers of attorney, but they end at death and have nothing to do with whether someone died intestate. | |||
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| Little ray of sunshine |
Powers of attorney are for when the person is alive and terminate when the person dies. Letters testamentary (for executors) are for when the person is dead. (At least in Texas.) A person may need or want both, but powers of attorney do not supplant, supplement, or act in concert with being the executor. They serve an entirely different purpose. The fish is mute, expressionless. The fish doesn't think because the fish knows everything. | |||
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| Member |
I have served as POA and Executor for my late Grandmother some 20 years ago and have been tapped for this duty when my Mother eventually passes. My Mother's wishes are simple enough, sell everything, pay all expenses, and split the rest between my brother, sister, and myself. Currently my wife is acting as Executor for a friend of many decades who died the other day and had been POA prior to that during her final illness. Most of the people involved-who are not blood kin by the way-are being upstanding on everything but one nephew is wavering back and forth and a widowed sister-in-law wants come from out of state and "assist",(pretty much take over), the handling of the estate. She gets NOTHING in the will but is reportedly consulting her lawyer on this. While awaiting a response from the Estate lawyer, I find myself in agreement with the person who advocated a 'make trouble and you are out " clause. In this case she is not even in but seems to want to take over. Will be very glad when the whole thing is over! | |||
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| No good deed goes unpunished |
That's called an in terrorem clause (no-contest clause). There are a lot of technical rules regarding enforceability and the rules vary from state to state. I seem to recall that no-contest clauses are unenforceable in Florida, but I'm not a Florida lawyer so I'm not positive about that. But all that to say that a no-contest clause isn't a magic bullet that will keep trouble at bay. | |||
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| Member |
That is a shame because it could really come in handy for shutting down some annoying people the Executor must contend with. | |||
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Hop head  |
agreed on the record keeping, Dad with Dementia, (I was POA) and later passed, he records were in a shambles, some due to his fiddling with stuff when we should have had it secured, but a PITA none the less, my mother, a life long secretary for some executive types in the military, has her entire life (or I guess death?) in a file cabinet, she makes a point to show it to me about every other year,, (insurance in this folder, property in this folder, accounts in this folder etc etc) and I am POA and when she passes will be Executor,, (unless I get hit by that train,,,) https://chandlersfirearms.com/chesterfield-armament/ | |||
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