January 30, 2018

Executor Duties (3 of 5)

  13. Take steps to protect property if necessary. 14. Bank: Notify bank of death. Update statements then transfer to trust account. Invest excess cash after estimating immediate cash requirements 15.Receivables: Make lists of outstanding wages, vacation pay, death benefits from employment. Apply for any death or survivor benefits from elsewhere. File life insurance claim. Collect mortgage principal and/or interest. Make list of investment income (interest, dividends). 16.Investments: Collect records of stocks, bonds, etc and inventory. By reference to market value, determine if they should be sold. Change name to that of executor prior to disposition. If estate is ongoing, […]
November 2, 2016

JTWROS – Part 2

Previously, I discussed Joint Tenancy, and focused on JTWROS. I discussed how JTWROS led to capital gains issues. For that post, click here. Focusing on inheritance, Joint Tenancy with Right of Succession (JTWROS) is in part about Succession. If one person dies, the other often succeeds them in full title (100% ownership) of the asset. Sounds simple, and there is no problem if two people are involved. It is based on the Common-Law Presumption of Advancement, which basically means a property transferred to a spouse or child is presumed to be a gift and owned by the spouse or child. […]
October 30, 2016

Joint Tenancy: Be Careful!

Joint Tenancy With Rights of Succession (JTWROS) and Joint Tenancy-in-Common are becoming more and more popular. On the surface, they offer a fast-track of inheritance, avoidance of probate, and opportunity to provide asset management help. The fact is they are complex. JTWROS, for example, has complex tax and inheritance issues that require careful attention. As the population ages, succession to and inheritance of assets is becoming a more important issue. As Estates take a long time to clear for distribution, and as probate fees may be high, a quick alternative fix may seem attractive. JTWROS offers that, as well as […]