Finding A State-Based Executor To A Will!
#16
in Northern California
Joined: Apr 2014
Posts: 284
Re: Finding A State-Based Executor To A Will!
I wised up on this quite recently and subsequently checked and addressed all of our financial accounts (checking, savings, brokerage as well as retirement accounts).
A friend whose wife passed away encountered difficulties with the car registered in her name. It went into probate for a year during which he could not insure, use, or sell the vehicle. Put cars in joint names or nominate a TOD (transfer on death) beneficiary with your DMV.
It goes without saying that you should check the manner in which title to your home is handled.
In the event of my demise, probate should only need to address my shirts, socks, and underwear :-)
#17
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Finding A State-Based Executor To A Will!
This is a really good point and it extends well beyond retirement accounts. I wised up on this quite recently and subsequently checked and addressed all of our financial accounts (checking, savings, brokerage as well as retirement accounts). A friend whose wife passed away encountered difficulties with the car registered in her name. It went into probate for a year during which he could not insure, use, or sell the vehicle. Put cars in joint names or nominate a TOD (transfer on death) beneficiary with your DMV. It goes without saying that you should check the manner in which title to your home is handled. In the event of my demise, probate should only need to address my shirts, socks, and underwear :-)
#18
Re: Finding A State-Based Executor To A Will!
Thanks for all the help you've given me on this query.
Out lawyer did get back to me and said she'd "checked with the Supreme Court of Tennessee's latest decisions, and they are in agreement that as long as the Wills reference the statute by number and the Executor/Executrix are identified by name and location, thereby being put on notice of the need to enlist an in state co- executor/guardian etc., that will now be sufficient due to the recent influx of international residents and the strengthening of the long arm statute i.e. the court can reach out and grab them."
So that's one problem solved. But it'd have never even crossed my mind to look into real estate deeds and creditors' paybacks along with car titles and the like. I guess I'll find out what's been taken into account when my lawyer sends us the will packages over to preview...
Out lawyer did get back to me and said she'd "checked with the Supreme Court of Tennessee's latest decisions, and they are in agreement that as long as the Wills reference the statute by number and the Executor/Executrix are identified by name and location, thereby being put on notice of the need to enlist an in state co- executor/guardian etc., that will now be sufficient due to the recent influx of international residents and the strengthening of the long arm statute i.e. the court can reach out and grab them."
So that's one problem solved. But it'd have never even crossed my mind to look into real estate deeds and creditors' paybacks along with car titles and the like. I guess I'll find out what's been taken into account when my lawyer sends us the will packages over to preview...
#19
Re: Finding A State-Based Executor To A Will!
There is also the option to put things in a Trust. But this all varies from state to state and it's an area where a little legal advice is usually worthwhile.
#20
in Northern California
Joined: Apr 2014
Posts: 284
Re: Finding A State-Based Executor To A Will!
FYI. It is not an automatic option, but you can avoid probate on non-retirement accounts by doing a Transfer On Death (TOD) instruction. Brokerages/banks/mutual fund companies will have the required forms.
There is also the option to put things in a Trust. But this all varies from state to state and it's an area where a little legal advice is usually worthwhile.
There is also the option to put things in a Trust. But this all varies from state to state and it's an area where a little legal advice is usually worthwhile.
Setting up TOD beneficiaries is usually incredibly simple. Request a form from the bank/brokerage/other institution, fill it out and sign, and then mail it back. Takes a few minutes and costs no more than a postage stamp.
Trusts can be invaluable for providing for children, and worth the effort. But as far as Mrs malch and I are concerned, we pretty much have all significant assets covered with TOD and very little will be subject to probate.