How To Settle an Estate After Death of Family Member

Paul's MyAdvocate link: www.myadvocate.com/join/paul
0:00 Introduction
7:55 Why Settling an Estate is Unique
9:00 Each Estate Settlement is Different
17:18 #1 Look at Terms of Will or Living Trust
18:40 #2 Put Administrator, Executor, or Successor Trustee in Power
19:42 #3 Communicate
21:12 #4 Gather Asset and Debt Information
22:25 #5 Get Tax ID Number
23:19 #6 Pool Assets Into Estate Account
24:10 #7 Keep Communicating
24:11 #8 Formal List of Assets and Debts
24:43 #9 All Parties Sign Distribution Agreement
25:59 #10 Transfer Assets to Heirs and Beneficiaries
26:18 #11 Holdback Funds for Future and Unknown Expenses
26:29 #12 Final tax returns
27:36 Final Q&A

[@chrismayer7762]

I started watching your videos 14 months ago. I was fortunate to find an awesome estate attorney and setup wills, trust power of attorneys... glad I found your channel

[@americasestateplanninglawy1946]

That is awesome!

[@lyfandeth]

I don't know if you've covered this, but in some states the executor of your will MUST be a citizen of the same state. If you haven't chosen one, it goes to probate court, they appoint an executor from a pool, who may take 6% plus, and it becomes much more involved. Same thing for number of witnesses ( 2 or 3). And every bank and credit card will want to see the will appointing you executor before they will do anything, even if you were the secondary on the account and had power of attorney, which dies when they do. Vehicles may need to be titled jointly and severally, or they can have to be transferred ($$$) to the executor who then has new plates and registration and sells the car as if it was there own. What a mess 50 states can make.

[@dhighflyguy3213]

My dad was diagnosed with dementia at age 58, I would recommend that you get things in place now just incase

[@rosemariealmero1214]

I hope and pray I’ll find an estate lawyer like you. 🙏🏼❤️

[@KateHoeses]

Watching your educational videos from Namibia 🇳🇦, Southern Africa and I have learned a lot. Although I am this side of the world, there is a lot of similarities in the administration of deceased estate... thank you.

[@el-hp1lj]

My father died in 2019, and left my mother behind and responsible for his taxes,debts, affairs. She did what she could and died about 6 months later sad and depressed. I was left the executor. I had ZERO understanding of my parents financial situations. I handled everything I could to the best of my ability all on my own not knowing what i was doing and learning along the way. I just recently got a letter 2023 from IRS stating they needed my fathers 2017 2018 1040s and that he has some past due taxes owed. The estate literally left a few thousand behind. No property or assests. I set up 2 estate accounts ( mom and dad) in probate court. I used a large chunk of estate for funerals and only about 1000 sits in the estate accounts for over 2 years now. just sitting there. How do I stop IRS from hounding me. I need to go to a cpa for these taxes but I want the IRS to stop bothering me. How can I get them to just take whats left and go away and how do I close these estates

[@jacksycz]

Some states require a formal petition to sell Real Estate as an executor.

[@SophiaCVeng]

Thank you 🙏 Mr. Paul R. for sharing your video with us, it is very informative information. 👍 I have followed you the last 3 years and I have learned a lot. ❤️ And hope I can find estate attorney good like you.😘

[@rosemariealmero1214]

Thank you so much for all your help ❤️😃 I’ve learned and learning more about estate planning. I love you brother 🙏🏼❤️God bless you and your family ❤️😊is #7 missing?

[@adj1584]

Hi! Thank you for your informational videos! Can I ask a question?

[@scottywilburn9772]

Great info

[@mrsaimeeturner6649]

Hi Paul! Great vids, thanks for all the info. I have a question...Can you tell me if there is a time frame on when my aunt (executor) must move out of my recently deceased grandfather's home? In his Will, the home and all his assets must be sold and divided amongst his beneficiaries. Before his passing she was his live in carer, but moved her daughter and grandchildren into the home and they are trashing it. So upsetting and sad but my hope is that they cannot legally continue to stay there indefinitely. Thanks for any help.

[@jacksycz]

Is she to inherit the home? Federal law does allow an exception for Medicaid recovery if she lived in the home for at least a year. You could file a petition with probate court and have the issue addressed if they are trashing the home….to the point that it’s decreasing the home value if your aunt isn’t doing her job as executor to secure and protect the assets.

[@doriannemosich232]

Paul, know you have helped us thru the hardest times after my dear beloved talented Mom passed with a sizable Estate in California, Feel like I know you, could you help consult settling lawsuit gt trustee suspended $/21, it's still going want it to end!

[@enriqueramirez8437]

As part of the process do wee need to fine Form 1040. What a out Form 1041? Rick

[@lvnmykdz]

Also… make sure the deceased party’s weren’t on senior deferral and have a lien on the property. I deal with them. Sometimes the liens are SO OLD… title companies miss them ALL THE TIME. We’re talking average balances… $40-100k it’s crazy. Terrible program in a nut shell.

[@nangleigh]

How do you handle federal taxes due for loved one that passed away with no will and no estate/probate? Bank account was a POD account with less than $1000 in it. No funds to pay off taxes. Am I responsible for my mother’s debt?

[@robertring5837]

IANAL, but in general, no, you're not responsible for your mother's debts. However, any assets of hers would have to be sold to pay any federal (and state) taxes due. This would include the bank account assets, I'm fairly sure. Anything left *after* paying taxes and debts would then be distributed to heirs based on her state's intestacy laws. Intestacy laws function like a default set of rules for someone without a will. If there's nothing left after taxes/debts, or if there is not enough to pay taxes/debts, then the remaining debtors just lose out, and the heirs get nothing (but don't have to pay in).

[@firezonecrush999]

@@robertring5837 hello Robert,I saw your unswer above and is almost my problem,if you can tell me one-two things,I”ll be grateful.I live in Greece and my aunt,is an American citizen,who born in Greece and died in Greece on 9/25/2020.She made me(by will),her only heir,she ones in IRS and she has some money in the bank.Can the taxes taken from her account and sent me the rest and the bank knows she died and gave her case to a specific person with protocol number,is the account secure? With the virus and all these problems,the papers needed are about 2 months in Kansas Mo thank you Alexandra..

[@robertring5837]

@@firezonecrush999 The account in theory should be secure. Banks in the US tend to be very particular about releasing funds only through legal channels. If you were named in her will, then the executor should go through a process called probate. That probate process should take care of the taxes and getting the rest of the money to you. The executor is also normally named in the will. Good luck.

[@firezonecrush999]

@@robertring5837 hello Robert and thank you for unswerving me.There is no other name in the will,but I authorised an accountant to make her taxes,never the less,he couldn’t do many things from here(Greece) and he gave the case with taxes and the will,to an advocate there,to take care of it.I am praying not to loose the case….

[@jacksycz]

Federal estate taxes are like 11 million. Personal income is different. D’Este could possibly default to insolvent state procedure but you might want to ask an attorney for that.

[@jamesgross5052]

I would like to do your My Advocate planning but I don’t have a printer for my laptop to print it out. I am a 76 yr old woman. Mine would be pretty simple and would like to know a price before I start My Advocate. Thank you for helping. Any advice on how to get my copy and a price. Thank you. Wanda Gross.

[@americasestateplanninglawy1946]

You can put the PDF’s on a USB drive, or in your email, or print online and go to the UPS or Fedex store. Pricing: www.myadvocate.com/pricing

[@lyfandeth]

If there is a public library near you, they usually have computers and a printer, often10c per page, and they will help you. Bring that same file on a memory stick or cd, or ask them which media they can some. If they say "none" then just email the entire document to yourself, and you can download it and print it from your own email, at the library.

[@genegeorge8529]

Can you talk about an Irrivocable A B Trust…is there just one way to fund this.

[@lovelykeri1]

I have 3 condos in the Philippines can I include to my trust here. LOS Angeles CA

[@Wolverine6904]

How to legally make separate property become community property while living. In the case I die first and I had the house before we married.

[@anderiahutchinson6456]

Anderia I'm going. Though that now is will poure over will not trust need to court close doucm record