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Cortes Law Firm, Estate Planning, Probate, Trust Administration
This is another question that we probably get ten times, maybe more on a monthly basis. That is because once somebody passes away, if you tell the bank in most cases that your relative, that your mother, father, husband, wife has passed away and they are the only person on the account, the banks will usually at that point freeze the account. And that is a good thing in most cases because you don't want an unscrupulous relative or third party to come in and try to access those bank funds or somebody, a scammer, to continue to take money out of that bank account. So usually what happens when somebody passes away and there's no joint tenant on there, the banks will usually freeze that bank account.
It depends on how the account was set up. If there is a pay on death designation for that particular bank, bank account, the banks and it depends on the particular bank will usually require a death certificate or some other proof of who you are and what your relationship is to the decedent and that you are actually the person listed as the pay on death designee. When that happens, once the bank is satisfied that you are the person, then they simply write a check to whoever that whether it's you or somebody else to that pay on death designee.
Another way to do it is much more expensive, and that is actually if you have to go through the probate process, to access that money. So usually what happens in a probate, once somebody is appointed as the personal representative by the judge, then that person gets what's called letters of administration and they can go to the bank and access the funds on behalf of the estate. So basically they have to usually withdraw the funds and then put them in what's called an estate bank account, a bank account that's set up specifically for the estate of your loved.
There's also a third way, which is called a small estate affidavit. And this really depends on your jurisdiction on whether or not this can be utilized at your particular bank, depending on the state. It could be anything less than 20,000 or anything less than 50,000. Then the bank will have you fill out what's called a small estate affidavit, which lists all of the heirs to the estate and everybody will usually have to sign under oath a sworn statement that they are actually one of the heirs and that there are no other heirs except who's listed there. They'll usually require a death certificate and then the bank will usually pay out to whoever those heirs are. But again, a small estate affidavit is not able to be used in all cases. It depends on your bank, and it depends on your jurisdiction.
I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoyed this video, then guys. Please smash that subscribe button and click on the like button and also click on that little bell so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.
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5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856
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Cortes Law Firm, Estate Planning, Probate, Trust Administration
This is an issue that I really, really try to persuade my clients to only pick one person to be the executor or personal representative. They mean the same thing depending on your jurisdiction, to only pick one person to be in charge, to be your executor. The reason why people usually want to executors is because they don't want to hurt their children's feelings. They feel like if they have, let's say, just two kids, that if they pick one of them to be the executor, then the other one's feelings are going to be really hurt. I tell my clients when they make decisions like this, when they're having to pick people for these important roles, do not worry about their feelings.
You have to pick somebody who you trust implicitly to carry out the duties, to be the executor, to have the fiduciary duty to harness your assets, to pay your debts, and then to distribute your assets according to the terms of your last will and testament or your trust, and to do everything correctly when you have two people in anything. You now have two opinions on how things should get done. So if one of them wants to sell the house and the other one doesn't, we have a problem. If one of them wants to sell the personal property and the other one doesn't. We have a problem. If one of them wants to wait to finish the probate and the other one doesn't, we have a problem. You can see where I'm going with this. Any time there's two people in that important position as executor, you're going to have problems.
We always try to dissuade our clients from appointing two people to be co executors of their estate because it's just going to create a lot of problems afterwards. If somebody comes into our office with a last will and testament that appoints two people to be the executors or the personal representatives, then we really have a heart to heart conversation with them and tell them that it really is probably better for everybody if just one of them serves as the executor of the estate, because it will just alleviate a lot of problems
In fact, a lot of times what we do when there's two people, we will actually ask them to maybe appoint a third independent party to serve in that role and have the two people who are supposed to be who, the who, the mom or dad wanted to be the executor. We have them sign waivers that they are okay with a third party serving in that role, and that just alleviates a lot of problems. It alleviates the need for two signatures for everything. It alleviates the need for two people to show up at every hearing. It just simplifies things tremendously when you only have one executor.
So when you pick somebody to be your executor or your personal representative, don't worry about hurting feelings. Worry about who is going to get the job done. And if it's not your two kids or three kids, if it's not any of them, then pick a third party. Your estate planning attorney can help you pick somebody who you trust implicitly and who's going to do the job correctly. And not be swayed by feelings or have two competing opinions on how to proceed with the probate. Because when that happens, it's going to lengthen the time of the probate which means it's going to cost your estate a lot more money, only pick one executor for your estate.
I know I've thrown a lot at you today, so that's why we prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoy this video, then guys please smash that subscribe button and click on the like button and also click on that little bell so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856
The post Is it better to have one or two executors appeared first on Cortes Law Firm.
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Cortes Law Firm, Estate Planning, Probate, Trust Administration
If executors disagree, it is going to cost your estate a lot of extra money. That's the bottom line. It's going to take a lot longer to get things done. And it's going to create a lot more attorney fees and cost with getting the probate completed. Like I said in the last video, if you can only pick one executor over your estate, if the executors cannot agree on what happens and the court has to get involved, then that usually means that there is going to have to be another law firm involved.
There's going to have to be hearings and possibly trials, actual full blown trials with a jury, sometimes without a jury. Depends on the jurisdiction. But a full blown trial to decide which executors wishes to follow If executors don't agree. Like I said, it's going to create a lot of trouble for the estate and a lot more money. And in a lot of instances, the law firms that are involved end up making a lot more money than the executors actually receive as part of the estate. Bottom line is, if you have to pick an executor please just pick one. Don't create a situation where are going to have to executors with full authority who are going to be fighting over how to administer your estate. Pick somebody that you trust implicitly. Pick one person and hopefully your estate will get administered quickly and with the least amount of cost.
I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoy this video, then guys please smash that subscribe button and click on the like button. And also click on that little bell so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856
The post What happens if executors disagree appeared first on Cortes Law Firm.
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