DIY Estate Executor?
Settling Affairs Yourself
When a loved one passes away, many people take on the role of executor themselves. Many family members and friends will share their advice and their wishes for what should happen next and what needs to be done, but ultimately, there is always a specific person who must take a leadership role as the fiduciary when settling a person’s affairs.
In this month’s installment, we take a look at what it takes to navigate the role of estate executor on your own, and because so many folks have been contacting us with questions and concerns about probate and estate planning, we’ve decided to extend the Estate Planning and Probate Planning Series to the end of the year!
Tales from Probate…
A person passed away out of state but owned a house in Wisconsin. He didn’t have an estate plan in place, and his immediate family were in disagreement about what to do after his death. There were disagreements about who would act as executor, adding further delays to an already lengthy process (the family had to wait for proceedings in the state in which he died before probate could begin in Wisconsin, where the family lived).
Months after the person’s death, proceedings were finally able to begin in Wisconsin. By the time the family was able to access the house, they discovered unpaid assessments were due on the home. The Home Ownership Association, involved because of the unpaid balance on assessments, requested “supervised administration” of the probate process related to the house, which means every decision and request in the process must be overseen by the court.
As a result, the family of the deceased can’t take ownership of the house until the debt, which now stands at over $60,000, is paid. The debt, that now includes the unpaid assessments as well as the attorney fees from the HOA, will continue to accrue monthly assessments and court fees for as long as the process takes.
Taking on the Role of Executor
First, as a fiduciary, a person is taking the responsibility of acting on behalf of another person, the decedent. The fiduciary role as executor should mean that the person is going to put the interests of the deceased person ahead of their own and that the person is prepared to make ethically and legally sound decisions.
With a lot of people offering their input and opinions, and so many people who pass away without estate plans and wills, being the executor of an estate can be overwhelming. However, there are ways to approach the process with clarity, and that approach starts with setting clear, reasonable expectations for yourself and the beneficiaries of the estate. The process of executing an estate can take months to years, so being up front and prepared about the path ahead is essential.
Once you’ve set expectations, you can begin the process in earnest, starting with the most practical and straightforward tasks before moving into the more complex parts of acting as executor.
Copies of Death Certificate
You can usually get the death certificate from the County Clerk’s Office. Often, when making funeral arrangements, the funeral director may help you. An original copy of the death certificate is required for filing any claims. It’s recommended that you ask for ten original copies of the death certificate as many times certificates submitted with claims and other processes are not returned.
Estate Documents
Gathering all the documentation surrounding the decedent’s wishes involves locating the will, trust, or other estate documents on file. These documents should be on file at the Office of the County Clerk. You may also find copies stored at the deceased person’s home. Estate documents may also include a Letter of Instructions, which details a person’s last wishes. This letter is not a legal document but can be helpful. If there are no estate documents, the process of executing the assets and other aspects of the estate will certainly be difficult and more than likely require an attorney.
Financial Institutions, Bills, Social Security, Deeds, and Life Insurance
Make a list of all the banks and other financial institutions where the decedent may have balances. Also, you’ll need to collect and monitor mail–physical and electronic, paying special attention to outstanding bills and credit card balances. Be sure to contact social security and/or pension providers in addition to exploring any life insurance policies held by the deceased. You will also want to secure any deeds or other assets the deceased may have owned. While collecting this information, you’ll want to keep detailed notes with contact names along with phone and account numbers to stay organized. You will have to notify the credit bureaus, banks, social security administration (pension or veterans affairs offices if applicable), and lessors/creditors that your loved one has passed.
Business Partners and/or Employers
You’ll need to contact the Human Resources department of the deceased person’s employer if they were still working. There will undoubtedly be paperwork related to benefits and retirement plans. If your departed loved one was in school or owned a business, you will need to contact the university or college they attended or reach out to business partners and clients to inform them of the life event. These communications may include paperwork as well!
You Don’t Have to Go Through It Alone
If you felt overwhelm, dread, or confusion just reading through the aforementioned steps, imagine how you’d feel in the event of an unexpected death of a loved one or how much more difficult all of this is when there is no estate plan in place.
There’s no reason to set yourself up for a challenging road ahead when you can reach out to an experienced, compassionate attorney with a proven track record for helping individuals and families navigate estate planning and probate during what is already a difficult time.
You can trust Sable Law Group Wisconsin to help you navigate your estate planning and estate executor journey with compassion and expertise.