As
parents age, their adult children often take on unexpected roles. One
of these roles is as an executor of their estate. The executor is the
person that takes carries out the wishes of the person, or people,
that chose them. It is a vital role, and everyone should understand
the responsibilities.
Discuss
the Details
Parents
and children need to discuss the role of executor. If your parents
have a large estate with a lot of beneficiaries, it is important to
either be there during the will preparation or meet with the attorney
to discuss the details afterward. Even with a small estate, executors
should review the will and talk to their parents about the
information.
An
executor needs to know what relatives and other beneficiaries to
notify after a parent dies and what types of trusts or other
financial matters they may need to manage. Know where your parents
keep their original will and all other important documents. Gather a
list of contact information of people that need notification.
Understand
Medical Care
Some
executors also take on the role of health care power-of-attorney. A
medical directive gives legal permission for the person in this role
to make the medical decisions when the parent is unable to do so.
Some people also create a living will, so their child does not have
to make life or death decisions for their parents.
Your
parents should detail in writing their preferences if you agree to
become their health care power-of-attorney. Families have fewer
disagreements when there is documentation from people about their
wishes for home health care, nursing home care, as well as when to
stop medical care.
Make
Funeral Plans
Pre-planning
of the funeral makes a difficult situation much easier. Children
often have no idea if their parents prefer cremation or burial, the
size of the funeral they desire, or what they would like for music or
other details. Discuss their opinions on organ or body donation, and
what church or minister they prefer,
The
topics in this type of conversation not easy, but it is easier than
arguing with relatives after a loss. Again, it always helps to have
their choices in writing. Another possibility is to pre-plan
everything with a funeral home and pay for the service upfront.
Prepare
for Probate
If
you are the executor of a large estate, the probate process can seem
challenging. You must file a request for probate in the county where
your parents lived at the time of their death and file the will and
death certificate with the court. A hearing will take place to
approve your role as executor.
After
the hearing, notify everyone the court requires of the probate
proceedings. Inventory the assets of the estate after paying all
debts and divide the remaining property as ordered in the will.
Complete the process by submitting all information about your actions
to the court along with any receipts or other records. The court
closes the estate and your job as executor ends.
Simplify
the Process
A
small estate is sometimes able to forgo a lengthy probate process. In
Florida, estates of less than $75,000
(excluding
certain types of real estate) may qualify for a summary
administration. The probate process can finish within a couple of
months for these estates.
A
large estate can dwindle in value after a long health crisis or
another unexpected event. If the estate becomes much smaller than
when the will preparation took place or is insolvent (has more debts
than assets), contact your attorney. Beneficiaries of property from
insolvent estates could owe money to creditors for the value of the
item they receive.
A
will written a few years ago may seem current, but financial
situations and family dynamics change more than people realize. Take
the time to discuss the changes with an attorney to see if your
family needs an updated document. At Donald
B. Linsky & Associate PA
,
we help families with all sizes of estates to create wills that
protect the assets that matter to them.
