It does get overwhelming. The more assets you have with beneficiaries the less goes to probate. Its not always protecting it from Medicaid but probate too. All our investments have beneficiaries. Insurances. Bonds. Next is our bank acct. Just told DH we need to do POD for daughters.
Again, the Executor can do nothing until the Will is probated. Probate can not be filed until several days after death, my State 9 or 10. Once the Will is filed, the Executor gets a short certificate giving them the ability to pay bills. May need to set up an estate account. IMO, no lawyer can do anything until the 9/10 days probate allows. Mom only had her house, no money. I was given a list of things I needed to do and I did them. That included all the tax numbers needed. I did not use a lawyer until my brother refused the house and it had to be put into the estate. The lawyer then took over and did the final accounting and was lawyer for the sale of the house.
This can be avoided by his doing a POD or TOD in all his banking to have it go to you. And to make this even easier, he also has all accounts to have you placed as a signatory on them right now. This way it’s kinda seamless for you to pay bills & write checks and use the existing checks to do this.
if you yourself do not have an account at his bank, I’d suggest that you this. Does not have to be big, but just makes you an existing client.
For the investments, he calls his broker to see what paperwork they need to get the same done. If his stocks / investments are in an old school wire house type of brokerage, their compliance department will go over all this in detail before it gets allowed. So get on all this asap.
also look at any life insurance to see if it all has you as the “beneficiary of” and not his Estate. If it is, he can change this pretty easily by going online to life insurance co to see their exact path to do this. It’s commonly done. Having the Estate become the beneficiary just ties up the $ in to the distribution system done in probate; and probate takes time as there’s lists done, filings needed and signatures required to do distributions. Which can be an issue when a bill is due in 15 days and probate court is back up.
Best of luck and fortitude to you in this difficult period.
Both answers were very helpful. I have POA, but am also executor. If I’m understanding correctly, after death I can still manage his finances, paying all bills, etc. before distribution of assets. Correct?
Bob, as you are executor, you have this, yes. Immediately after his death I suggest you go to a Trust and Estate attorney. This attorney can immediately get you, from the IRS, online, new tax ID number (EIN/TIN) for the estate of your partner. (You will need the death certificate and your will with you). Once you have this the attorney will draw up "letter Testimentary to let all entities know you are executor of this estate. You will then go to all banks and you will gather together the estate with the help and advise of the attorney. You will be on the accounts then as executor and will begin paying all outstanding bills.
I give you the advice of an attorney because you seem to have little understanding of what is ahead. For that reason, while some of us chose to get the EIN ourselves online (one wrong answer and you are set back for months) it is so much easier to have the help of an attorney. You can have him/her do it ALL, or help you do it (the latter much less expensive).
After all bills are paid, you publish the death for creditors, then you distribute the remainder of the estate as the will requires.
I wish you the best of luck. You are lucky in that you are now POA and will become sole executor. This will ease the path. I did this work for my brother. It is a bit daunting and anxiety runs high, but with a sympathetic attorney it makes all the difference. I had one, and she charged me only for a few hours of her time. I felt very lucky in this.
No, not unless you are executor of the Will. The Executor goes to Probate and getsca short certificate to becable to handle the finances. If no Will ur partner dies intestate. You can then go to Probate and become an Administrator who will do the same thing as an Executor but the State determines who inherits. If you are not a legal partner like a spouse, you will not inherit.
As said, bank accts will need to say POD ( pay on death) with your name for the accts to transfer to you. If you share accts, it depends on how the acct reads if you have access to it after death. If you have POA, that stops at death.
Not unless your name is on the account as POD or co-owner.
On death the account belongs to co-owners or those who are POD. If you are currently managing this account as POA, then your power of attorney ends with death, and unless you are ALSO the executor of the will, there is not further work for you.
All bills after death will be turned over to the named executor of the will. If there is no will or no trust them someone can apply to the state to be trustee of a trust or executor (now called administrator) of the estate.
Bills are simply returned to sender, marked deceased if you have no way of knowing who manages the estate. Then it is up to those billing to find out if there is an estate and to go to court to file liens.
if you yourself do not have an account at his bank, I’d suggest that you this. Does not have to be big, but just makes you an existing client.
For the investments, he calls his broker to see what paperwork they need to get the same done. If his stocks / investments are in an old school wire house type of brokerage, their compliance department will go over all this in detail before it gets allowed. So get on all this asap.
also look at any life insurance to see if it all has you as the “beneficiary of” and not his Estate. If it is, he can change this pretty easily by going online to life insurance co to see their exact path to do this. It’s commonly done. Having the Estate become the beneficiary just ties up the $ in to the distribution system done in probate; and probate takes time as there’s lists done, filings needed and signatures required to do distributions. Which can be an issue when a bill is due in 15 days and probate court is back up.
Best of luck and fortitude to you in this difficult period.
Immediately after his death I suggest you go to a Trust and Estate attorney. This attorney can immediately get you, from the IRS, online, new tax ID number (EIN/TIN) for the estate of your partner. (You will need the death certificate and your will with you). Once you have this the attorney will draw up "letter Testimentary to let all entities know you are executor of this estate. You will then go to all banks and you will gather together the estate with the help and advise of the attorney. You will be on the accounts then as executor and will begin paying all outstanding bills.
I give you the advice of an attorney because you seem to have little understanding of what is ahead. For that reason, while some of us chose to get the EIN ourselves online (one wrong answer and you are set back for months) it is so much easier to have the help of an attorney. You can have him/her do it ALL, or help you do it (the latter much less expensive).
After all bills are paid, you publish the death for creditors, then you distribute the remainder of the estate as the will requires.
I wish you the best of luck. You are lucky in that you are now POA and will become sole executor. This will ease the path. I did this work for my brother. It is a bit daunting and anxiety runs high, but with a sympathetic attorney it makes all the difference. I had one, and she charged me only for a few hours of her time. I felt very lucky in this.
As said, bank accts will need to say POD ( pay on death) with your name for the accts to transfer to you. If you share accts, it depends on how the acct reads if you have access to it after death. If you have POA, that stops at death.
On death the account belongs to co-owners or those who are POD.
If you are currently managing this account as POA, then your power of attorney ends with death, and unless you are ALSO the executor of the will, there is not further work for you.
All bills after death will be turned over to the named executor of the will.
If there is no will or no trust them someone can apply to the state to be trustee of a trust or executor (now called administrator) of the estate.
Bills are simply returned to sender, marked deceased if you have no way of knowing who manages the estate. Then it is up to those billing to find out if there is an estate and to go to court to file liens.