How Probate Works. A Guide for Executors, Heirs, and Families.

E189 Can an Executor be Out-of-State?

E189 Can an Executor be Out-of-State?


No, it’s not a good idea to have an out-of-state executor. Although it’s technically legally allowed, in reality an out-of-state executor causes tons of problems.

Banking Problems

Opening the estate account

You probably think opening a bank account is a piece of cake. And you’d be right, if you were opening an account for yourself, personally.

bank kyc

But banking for an estate is a different animal. But an estate account has tougher “know your client” rules, and the executor often must meet with a banker in person, at a branch, to open an estate bank account.

Troubleshooting problems

When you have a problem with your personal bank account, these days you have limitless customer support options. Website, email, live chat, tweets, or call or walk in.

But with estates, you usually must walk into a branch and speak with a banker to get that missing statement or re-issue that 1099. And that can be a pain for an out-of-state executor.

Selling Real Estate

Clean out

Yes, cleaning out the home or apartment is part of the executor’s duties. For an out-of-state executor, this can mean several trips in and out of New York to supervise the clean out.

Closing

source: https-::www.c21redwood.rocks:blog:tag:highland-title

New York is one of the few states where most real estate closings are in-person, with all parties sitting around a table for a few hours.

Yes, it’s sometimes possible to close with an out-of-state executor by signing and FedEx-ing the documents. But if any problems popup (as they often do with estate sales), it’s better to close in-person, so the lawyers can troubleshoot any problems in realtime, and avoid an aborted closing.

Minor stuff (mail forward, etc.)

There are countless small executor tasks to get the home ready for sale. Forwarding the mail, small repairs, returning extra keys, conversations with the super, etc. All much easier to handle with a local, New York executor.

Travel restrictions

travel restrictions

Sometimes an executor simply cannot legally enter the US:

  • Unable to get a visa
  • Immigration problems
  • Quarantine or other travel restrictions

If any of these apply, the heirs may be better off hiring a New York professional executor, rather than a non-New York person.

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E184 Why is Being an Executor Difficult_ The Statistics

E184 Why is Being an Executor Difficult? The Statistics


Here are the results of a survey and statistics to illustrate why folks think being an executor is so difficult.

Is being an executor difficult?

The average executor doesn’t think the job is particularly difficult to understand. But, they do think carrying out the role can be difficult.

statista

Source: https://www.statista.com/statistics/281604/difficulty-in-being-an-executor-of-an-estate-among-wealthy-americans/

Based on a survey by Statista, non-professional executors feel the most difficult parts of serving as an executor or trustee of an estate are:

Commitment of time required

Many tasks seem simple, and would be if you were doing them for yourself (closing a bank account, getting financial records, etc.). But many executors realize how difficult those tasks are with an estate.

Insufficient legal or financial knowledge

Yes, you can hire an attorney or CPA to advise on most matters. But what executors really want to know is: what are my chances of getting sued if I make the wrong decision?

Filing tax returns

Executors must get tax clearance, to avoid being haunted by the IRS later. This can frustratingly take months.

Managing disagreement among heirs

This is particularly awkward and stressful if it’s your own family. Thanksgiving gets even more awkward!

How much time does it take to be an executor?

According to a survey by EstateExec.com, the average non-professional executor spends 570 hours to settle an estate.

executor_effort_chart

Source: https://www.estateexec.com/Docs/General_Statistics

How long is 570 hours?

  • 71 full workdays
  • 14 full work weeks
  • 3 1/2 months of work

Make sure you’re ok with this level of disruption to your job or leisure time, before accepting executorship.

How long do estates take to settle?

On average, 16 months. In our experience, 16 months sounds low.

settlement_duration_chart

Source: https://www.estateexec.com/Docs/General_Statistics

Also be aware that it’s not a steady stream of work. Rather, there will be bursts of hectic activity, with long gaps of waiting in between.

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E182 3 Examples of How Co-Ops Are Worse (an Executor’s Perspective)

E182 3 Examples of How Co-Ops Are Worse (an Executor’s Perspective)


Most NYers know the deal with co-ops: they’s less expensive than condos, but they come with a lot of rules and headaches. Here are 3 real world examples:

  1. Last to unlock
  2. Quick to Sue
  3. Release of lien

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E180 Contingent Fee Probate

E180 Contingent Fee Probate


What do you do if you need a probate lawyer, but you don’t have the money now? Let’s talk about contingent fee probate.

  1. What are contingent fees?
  2. Some limitations
  3. Will contests
  4. Kinship
  5. Uncertain assets

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E175 Amateur Executor Bloopers

E175 Amateur Executor Bloopers


We’ll share a few real-world amateur executor bloopers (of course, anonymized to protect our clients’ privacy)

  1. Choosing a disappearing banker
  2. The case of the missing $10,000 check
  3. “Oh yeah, taxes!”

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E171 How Lockdowns are Affecting Probate

E171 How Lockdowns are Affecting Probates


An insider’s look into how the lockdowns are making probate even more difficult than usual. Even if lockdown over by the time this airs, probably lingering residual effects.

Today we’ll discuss how lockdowns are affecting:

  1. The courts
  2. Banks and brokerages
  3. Real estate
  4. The IRS
  5. Lastly, creditors

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E169 5 Tips to be a Great Probate Paralegal

E169 5 Tips to be a Great Probate Paralegal


For our paralegal listeners who want to add this practice area to their toolbox. For our clients, a sneak peek behind the curtain to see all that Janice does for you.

The 5 tips:

  1. Research, research, research
  2. IRS and taxes
  3. Use checklists
  4. Phone skills
  5. Learn your attorney

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How to Deal with Nightmare Tenants in Probate

E157 How to Deal with Nightmare Tenants in Probate


One bad tenant can blow up any real invest investment. Being a professional executor has shown me just how nightmarish a tenant can be.

We’ll discuss:

  1. Which estates have nightmare tenants?
  2. What are “nightmare tenants?”
  3. What to do about bad tenants?

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Why Does Probate Take So Long_ Tax Clearance

E155 Why Does Probate Take So Long? Tax Clearance


The second most common question about probate is: why does probate take so long? Lately, one of the biggest culprits is getting tax clearance.

We’ll discuss:

  1. Why tax clearance is so important
  2. Estate tax on the 1%
  3. The IRS and the Deceased’s 1040
  4. See you next April
  5. Don’t Forget form 5495!

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How to Avoid Rip Offs During Probate

E154 How to Avoid Rip Offs During Probate


So sad to watch when our clients get ripped off during probate. So we’re doing this episode to hopefully help you avoid getting taken.


We’ll cover:

  1. Examples of rip offs during probate
  2. Comparison shop
  3. Ask for referrals
  4. Choose an experienced probate attorney
  5. Hire an professional executor

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EXECUTOR. Thinking about hiring a professional executor for your loved one’s estate, or naming one in your will?

 

PROBATE, TRUSTS, ESTATES: Need a great attorney?

 

Send me a text message at 212-401-2990

Email me at executor (at) anthonyspark.com

Or visit https://anthonyspark.com

 

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