Theodore E. Hughes - The Executors Handbook: A Step-by-Step Guide to Settling an Estate for Personal Representatives, Administrators, and Beneficiaries

A STEP-BY-STEP GUIDE TO SETTLING AN ESTATE

FOR PERSONAL REPRESENTATIVES,

ADMINISTRATORS, AND BENEFICIARIES

THEODORE E. HUGHES
AND DAVID KLEIN

Skyhorse Publishing

This book is designed to provide accurate and authoritative information
in regard to the subject matter covered. It is sold with the
understanding that the author and the publisher are not engaged
in rendering legal, accounting, or other professional services. If
legal advice or other expert assistance is required, the services of a
competent professional person should be sought.

Copyright 1994, 2001, 2007, 2013 by Theodore E. Hughes and David Klein

Text new to this and 2007 edition Copyright 2007, 2013 by Theodore E. Hughes

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10 9 8 7 6 5 4

eISBN: 978-1-62873-842-1

Library of Congress Cataloging-in-Publication Data is available on file.

ISBN: 978-1-62636-421-9

Printed in the United States of America

Managing, Distributing, and Closing
the Probate Estate

Although we have made every attempt to ensure that the information in this book is accurate, comprehensive, and current, we cannot predict the ways in which both state and federal laws and court rules may change, nor can we know the complexities of the estate with which you may be confronted.

For this reason, you must not consider this work as your tax accountant or estate lawyer in book form. Most estates are fairly simple and present no special problems. But if you find that the matters you are dealing with challenge your personal skills, you should not hesitate to employ professional help. The adage about an ounce of prevention has special relevance in connection with estate settlement, because it can bring to a swift conclusion probate proceedings, benefit claims, and tax issues that might otherwise drag on for months or years.

A word may be in order about the gender of our pronouns. In our efforts to maintain a minimally decent prose style, we have tried to avoid the awkward he or she as often as possibleespecially when it is antecedent to the grammatically barbarous they. Because males generally die at an earlier age than females, we have used he wherever we refer to the testator or the deceased. Similarly, we use she in reference to the surviving spouse. We hope that nobody takes offense at this seemingly sexist but basically sensible usage.

T. E. H.

D. K.

THE EXECUTOR

I had a friend who died and he

On earth so loved and trusted me

That when he quit this worldly shore

He made me his executor.

He asked me through my natural life

To guard the interest of his wife;

To see that everything was done

Both for his daughter and his son.

I have his money to invest,

And though I try my level best

To do that wisely, Im advised.

My judgment often is criticized.

His widow, once so calm and meek,

Comes, hot with rate, three times a week

And rails at me because I must,

To keep my oath, appear unjust.

His children hate the sight of me,

Although their friend Ive tried to be,

And every relative declares

I interfere with his affairs.

Now when I die Ill never ask

A friend to carry such a task.

Ill spare him all such anguish sore

And leave a hired executor.

by Edgar A. Guest

Part I

THE ROLE OF
THE EXECUTOR

1

An executor is a person, bank, or trust company nominated in a will to carry out the wishes of the deceased and to do whatever is necessary to settle the deceaseds probate estate. If a testator, one who signs a will, has nominated you to this position, what you can do, should do, and must do depends on when you are nominated; on your relationship with the testator; and on the nature and value of the testators probate assets.

If, for example, you know months or years before the testators death that you have been nominated, there is much that you can suggest to simplifyand perhaps eliminateyour job and to save the survivors a substantial amount of money in probate costs, death taxes, and other expenses, as well as the time and frustration of having to deal with a county court (usually called a probate court, but in some states called a surrogate, orphans, or chancery court). We will deal with this in detail in .