Executor

A Partial Checklist for Your Will

Published on: July 13, 2018 | By McCulloch & Miller, PLLC

Having a will prepared is a gift of kindness to your loved ones. They will appreciate the effort to care for them, after you’ve passed on.

If you need another reason to have a will prepared, consider the potential for conflict among loved ones who will have to guess about what your wishes were during a very difficult time. You can spare them that distress, by preparing your will and estate plan in advance.

US News & World Report’s article, “10 Steps to Writing a Will,” says that if you've been procrastinating on completing the task, here's your opportunity to cross it off your list. You can get going with these simple steps.

Bourdain’s Estate Planning, or Lack Thereof, Mirrors His Life

Published on: July 3, 2018 | By McCulloch & Miller, PLLC

Watching Anthony Bourdain travel the lesser known corners of the world and relish exotic foods and people was fascinating. However, that same approach does not work well, when it comes to more mundane matters, like estate planning.

What Anthony Bourdain’s family could have used was a disaster plan, based on his adventures that made for great television, as reported in Wealth Advisor’s recent article, “Anthony Bourdain Left Loved Ones In Limbo But The Heirs Will End Up Better Than Michael Jackson’s.” To date, there has not been any information about his estate. No attorney, advisor or agent has stepped up to convey any information to the public.

Although his life revolved around his personal participation in every venture, there’s no indication that the work can continue without him.

Have It Your Way, With a Will

Published on: July 2, 2018 | By McCulloch & Miller, PLLC

Without a will, decisions about your life, property and children will be made by someone who does not know you or your family. With a will, you have the ability to express your wishes. You need a will!

Having a will is not just for wealthy folks, who need to pass large amounts of money across generations. It is a legal document that protects you while you are living, protects minor children if you die and also distributes property after you pass. Less than half of all adults in America have an estate plan, according to a 2017 survey by Caring.com, and what’s worse, only 36% with children under the age of 18 have a will.

Inside Indiana Business’ recent article, “With a Will, It's Done Your Way,” explained that if you die without a will (i.e., intestate), the law of the state where you reside determines how your property will be distributed. For example, in Indiana, here’s what happens:

Selecting an Executor: Not Always Easy

Published on: May 24, 2018 | By McCulloch & Miller, PLLC

Don’t delay finalizing your estate plan, because determining who to name as your executor is difficult. Here’s some help to figure out how to make this important decision.

If there are no family members or friends with the necessary skills, your best option may be to name your attorney as the third-party executor of your will. A useful article from nj.com, “Who should be executor of your will?” explains how this works.

An executor is a person you name in your will or who is appointed by the court and is given the legal responsibility to address a deceased person's remaining financial obligations. An executor is responsible for paying debts and creditors, filing tax returns, paying taxes, and distributing the estate's assets, pursuant to the deceased person's wishes as stated in the will.

Tom Benson Excludes Daughter and Grandchildren from his Will

Published on: April 9, 2018 | By McCulloch & Miller, PLLC

Before he died, the owner of the New Orleans Saints and Pelicans gave millions of dollars of property to his daughter and her children, but they were not included in his last will and testament.

The last will of multi-millionaire Tom Benson, who owned several professional sports teams and other businesses, did not include his daughter and her children, according to an article from KPVI, “Though excluded from his will, Tom Benson’s daughter and grandchildren received much from family patriarch.”

Following Benson’s death, court records indicate that his third wife Gayle became the sole beneficiary of an estate controlling New Orleans’ NFL and NBA franchises, as well as the Dixie Brewing Co. There were other valuable businesses or properties in the estate: three car dealerships, the site of Benson Tower and Champions Square, a $3.6 million Uptown mansion, a racing stable and a parking lot used by fans attending Saints or Pelicans games.

Picking an Executor, a Critical Part of Your Estate Plan

Published on: July 1, 2016 | By McCulloch & Miller, PLLC

Choosing an executor is not easy, but it is very important. A person who is not capable of managing the tasks can drive even the best estate plan off the path.

Part of creating an estate plan is naming an executor who will be responsible for carrying out the wishes of the decedent, according to a recent item on InsuranceNewsNetMagazine.com, “The Wrong Executor Can Destroy Even the Best Estate Planning.” These tasks include everything from making sure that assets are distributed to tidying up outstanding debts and cleaning out houses. It’s important to select a person who can manage these tasks and—if they are stymied—who will recognize when they need help from professionals.

Executors sometimes are under the impression that it’s a quick and easy job. This might be the fault of the testator or the person who has executed the will. They select an executor and believe that he or she possesses the ability, acumen, time, and desire to carry out the duties of the position. Many don’t inquire as to whether the executor is interested in and capable of serving, or the chosen executor may be hesitant to say no.

Executor 101: What You’ll Need to Know as an Executor

Published on: June 24, 2016 | By McCulloch & Miller, PLLC

A lot of details go into being an executor, and some people find it a thankless task. But knowing that you helped someone you love carry out his or her last wishes holds its own reward.

Most people are honored when they learn that they have been named executor of a loved one's estate. But according to an article in US News, "4 Tips to Be a Better Executor," they don't really understand what duties and responsibilities are involved.

An executor must deal with the estate of a deceased person—including identifying and valuing the assets, paying debts, and disbursing the assets according to the decedent's will. He or she also needs to ensure that the assets are protected during this period.

Selecting an Executor Who is Not a Family Member or Friend

Published on: June 15, 2016 | By McCulloch & Miller, PLLC

If you don't believe any friends or family members can serve as your executor, what are your options?

A question is raised by a well-to-do husband who is concerned that his wife is not prepared to handle a significant estate if he should predecease her. The couple has no children, and he is concerned about what will happen. In MarketWatch's "My wife and I don't trust anyone to be executor of our will," several different ways to prepare for this situation are examined.

One important note to consider: while mulling over the executor issue, do not table your estate planning. With both spouses still living, the planning should start right away.

Financial To-Do List: The Master Directory and File Clean Out

Published on: May 3, 2016 | By McCulloch & Miller, PLLC

Anyone who has cleaned out someone else's filing system knows that we all keep way more paperwork than needed. Spare your loved ones and get started now on cleaning up and creating a directory.

Some people won't set foot into a supermarket without a shopping list. They are the people who are more likely to sift through documents, clean out files and follow the steps in Morningstar's article "How to Create a Master Directory." This directory would be a huge timesaver for you and your heirs, who will be more grateful than you would imagine to be spared hours of wading through unneeded paper files.

This type of document—be it a PDF, an Excel file, a Word document, or even a handwritten record—can be your inventory of financial accounts and contact info. If you keep it up-to-date, this can be an invaluable tool for your loved ones in the event you are unable to manage your assets for yourself. Here are the steps.

Often Overlooked: How Will Heirs Pay the Estate Tax?

Published on: November 4, 2015 | By McCulloch & Miller, PLLC

We’ve heard or read the stories of wealthy families forced to sell off prized heirlooms so that hefty estate taxes could be paid. It is never a happy day when an heir needs to sell the family home, wine collection, fine art or collection of vintage automobiles to raise cash for the estate tax. Proper estate planning for wealthy families should include a rather simple solution to this problem: life insurance.

This was recently explained in the Wills, Trusts & Estates Prof Blog in "How Life Insurance Can Be Used To Help With Estate Taxes."

You may consider the creation of an irrevocable trust and make it the beneficiary of a life insurance policy.