We have our estate planning document completed

Q:        My parents have established a trust and I’m designated to be the trustee upon their death.  Since this is complete, what else is there really to do and why would I need help?

A:        First, let me say “congratulations” on your parents being forward thinking and completing estate documents.  This is a step that should be completed by everyone, regardless of the size of the estate.  These documents will be vitally important to you upon their death. 

However, there is so much more to closing the estate than just reading the documents and distributing the assets.  For a lot of people, the amount of money is not the determining factor for the amount of work that has to be completed.

Effectively, the estate documents give you the power and ability to act on behalf of their estate.  It gives direction as to their wishes and provides you with information that is important in executing your duties.  These documents do not make the grief process any better or shorter; they don’t take phone call after phone call after phone call; they don’t take care of writing letters; they don’t deal with companies or problems; and they don’t know how to remove the emotion when dealing with everything. 

The day to day issues are the things that most families find overwhelming and never ending.  Most families react to what comes up or assume that the attorney can handle everything.  While the attorney is a very important part of the entire process, there are many seemingly small issues that arise that are not legal related but are life related.  If they aren’t taken care properly, they will continue to come back and cause frustration.

When you accept the responsibility of closing the estate of a family member of friend, remember that it’s important to get it done right, and maybe not necessarily by you but by a professional.

Tisha Diffie, President

After the Fact - Final Affairs, LLC

 

Do you have a complete estate plan in place?

So, you have all your estate documents completed and you think, “When something happens, I have everything taken care of, so no worries.”

I hope so!  But do you know what these documents really take care of?  Does your family know how to use them appropriately?  Does your family even know where they are?  Completing estate documents and planning for what happens after a death is confusing, laborious and can be overwhelming for your family.

Here is a family that we have worked with and the experience they had with their “complete estate plan” documents.

The husband passed away at the end of the year and the surviving spouse hired our company to assist her with closing his estate, getting many different issues resolved and numerous services into her name.

One month later she passed away as well.  That left the extended out-of-town family to handle both estates.  When the family members were in town for the funeral, we met with them to review the status of the first estate.  They quickly discovered how much work was left on the first estate and now, the additional work needed to close the second estate.  Without hesitation they hired our services.

After reviewing a copy of the trust we quickly realized that it had not been properly funded and there were no named successor trustees.

Because our firm can’t work with anyone other than the legal representatives of the estate, everything was at a standstill.  I informed the family they would have to hire an attorney, that there may be the possibility of probate and that we could assist them when the legal requirements were met.

Needless to say, after several thousand dollars and a delay of about 4 weeks, the original “original complete estate documents” were ruled “null & void” and the “new estate documents” were now in place.

This is just one example, of many, where families were sure everything was in place.  In this case, it not only cost weeks of unnecessary delays, it also cost thousands of dollars more.

Even when you think everything is in place, there will always be issues that haven’t been thought of and the emotional component which may, at times, weigh very heavily on everything until this job is done. 

If you want to help your family with the estate closure process, make sure your estate documents are really complete and suggest they hire a professional to assist them with the details after death.  It can save the headaches that can come from the heartache of the loss.  

http://www.afterthefact-finalaffairs.com/index.html 

 

Estate Closure: The phone rings

Estate Closure: The phone rings

The phone rings

There comes a time in life when the phone rings, and it’s the ring you hope you never have to answer.  As I get older, I’ve receive more of these types of phone calls than I ever imaged.  My heart tells me Family and Friends are supposed to be there with you forever.

When I was a younger man, I found myself wanting to be on the other side of the world when my father was to pass – if I couldn’t see it, then it didn’t happen.  So I joined the Navy at 23.  Denial can be a temporary safe place, just not a place to stay when a loved one faces declining health or has died.  Well Dad didn’t die during that time, he actually waited almost 22 years after I got out – which really was great for me!

Three weeks before my fathers’ 78^th birthday, I had a premonition that he would die on his birthday, even though his health was great.  On his birthday, Dad had an aneurism that burst in his skull that led to a stroke, a few hours later I asked that he be taken off life support. 

While Dad’s death was something I wanted to avoid or deny years earlier, I felt blessed that I could share time with him and to hold his hand as they took him off life support.  I kept taking him towards God’s light, reminding him that God gave him an amazing birthday gift, that his job on earth was done and that God was taking him home.   That was in 2000, and I’m glad I wasn’t 7 seas away. 

In dealing with the after effects of a loss, three weeks is not much time to prepare, emotionally or for all the financial challenges and implications that can follow.  Fortunately with Dad, he worked the same job for almost 40 years of his life and the folks had all but eliminated their debts. Mom was truly organized; however she had to write many letters and make many phone calls and go to great lengths to convince businesses that her husband had passed.

Most others have not planned or prepared for the burdens, headaches and turmoil that arise after the death of a loved one.  ATFFA is here to help prepare or to stand with or for you After the Fact.

Larry Diffie

Estate Closure at it's best.

Here is a perfect example of why families hire us to help them close an estate. This was a real conversation that our office had today. All I have to say is seriously??

THEM - Thank you for calling *** wireless my name is *** how may I help you.
US - We’re calling to report the death of *** and would like to cancel service.
THEM - I’m sorry for your loss. What is the account number or phone number?
US - ***-***-**** in Arizona.
THEM - What was the date of death?
US - **/**/2012. Can we fax a copy of the death certificate for your records?
THEM - We have no need for verification. Please hold the line while we cancel this service.
ON-HOLD approximately 2 minutes.
THEM – Thank you for holding. Would you like the IPAD service canceled as well?
US – Yes, I don’t believe he is going to be using the IPAD either.
THEM – Thank you, hold the line please.
ON-HOLD approximately 3 minutes.
THEM – Thank you for holding. We have credited the account and will send this to the address of record.
US – Why are you crediting the account when they are deceased? They will not be opening another account since they are deceased.
THEM – Hold the line please.
ON-HOLD for approximately 5 minutes.
THEM – Thank you for holding. We will issue a refund check after 60 days.
US – How do you know who to make the refund to?
THEM – We’ll issue it to the account holder.
US – They will not be able to sign and cash that check since they are deceased.
THEM – Hold the line please.
ON-HOLD approximately 5 minutes.
THEM – Thank you for holding. That check will be issued to the Executor.
US – How do you know who the executor of the estate is if you don’t require documentation for verification purposes?
THEM – Hold the line please.
ON HOLD approximately 5 minutes.
THEM – Thank you for holding. The account holder will need to bring documentation into a *** wireless store.
US – The account holder is deceased and will not be able to go into a *** wireless store.
THEM – Hold the line please.
ON-HOLD approximately 5 minutes.
THEM – Thank you for holding. If you could take documentation into the *** wireless store, they will issue a refund check to the account holder.
US – The account holder will not be able to sign and cash that check since they are deceased. Could *** wireless make the check payable to the trust?
THEM – Hold the line please.
ON-HOLD approximately 5 minutes.
THEM – Thank you for holding. I’m sorry but we won’t be able to release that information.
US – What information?
THEM – Who the check is payable to.
US – You just told us that we could take documentation into a store and that a refund check would be issued. All we are asking is that the refund check be made payable to the trust account so it can be distributed to the beneficiaries.
THEM – I’m sorry but we won’t be able to release that information to you.
US – So we need to go into a *** wireless store with documentation for the deceased.
THEM – Yes.
US – Then a refund check will be issued, correct?
THEM – Yes, it will be issued to the account holder.
US – We’ll make sure the DECEASED person signs their name legibly.
THEM – OK. Is there anything else I can help you with today?
US – No, I think we’re very clear on your process. Thank you for your time.
THEM – Thank you for calling *** wireless. Have a nice day.

 

More than a survivors’ checklist

Do you know what most survivors’ checklists for closing an estate don’t do? Tell the family what’s REALLY left for them to do.

Most people have never been responsible for closing the estate of someone else.  They don’t have any idea where to start or what to do first.  Usually, they say there isn’t that much to do and I can handle it but then easily become overwhelmed by the task.  Precious hours are lost on research, making countless phone calls, driving to places that weren’t necessary, and that doesn’t even address the emotional toll that it takes.

There are so many things to consider after the death of a loved one.  Beyond things that you are already aware of (i.e. reading the will, deciding who gets what, selling the house, distributing money, getting the car taken care of) there are other items that aren’t ever mentioned ~ one of those is ID Theft.  Did you know, according to TIME Magazine, approximately 2.5 million deceased people are the victims of identity theft every year? http://business.time.com/2012/04/24/grave-robbing-2-5-million-dead-people-get-their-identities-stolen-every-year/  Now guess who has to take care of that problem as well.  Yes, the legal representative of the estate.

Our Estate Closure Guide will provide you with resources and information to help ensure that the estate is closed with as few headaches as possible.  No more worries over how to get started or who should handle what.  With the proper guidance, this difficult task can be accomplished with as little confusion as possible.  The families that have purchased it have said “I never realized how many things there were to do that no one told me about.”  “I was so glad we had this resource to help us, it was so beneficial.”

Don’t underestimate the amount of work and time that closing an estate can take.  It may appear as if there isn’t much to do but 90% of it comes from things you didn’t know about or don’t know how to do.  Never hesitate to ask for help.

Tisha Diffie

www.AfterTheFact-FinalAffairs.com