Here's a question for any of you attorneys out there. Is there a specific form or a minimum of required information that is required from the executor of an estate? What I mean is that I have seen estate reports in the past that were very detailed and contained inventories of personal property with appraised values. I presumed that this was done for the benefit of the taxing entities and therefore required by law. Is this correct?

I'm not as concerned about real property and investments such as stocks and bonds as I am about things that might possibly be carried off by various family members. So of these items are doubtless nearly worthless other than having sentimental value. Others may be quite valuable like jewellery, art, antique furniture, etc.

This estate falls below the level for federal estate tax but is still subject to state taxes, I believe.

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Well,Tom,

The pat answer....It depends!

Mostly on the inheritance/probate laws of the state where the decedent died and/or owned property. Also, the will may include a provision to either require or waive any formal accounting procedures. I've had to do a few "formal accountings" here in NJ in the past for "disputed" estates. (they are pita's)

Yes for taxing authorities you have to usually report assets at fair market value, which usually means appraisals for real estate, art, jewelry, furniture, etc. I always attach appraisals or calculations of value ( in the case of closely held business interests) to support the amounts used.This helps to streamline the taxing authorities' reviews and get things settled as quickly as possible.

If you are the executor, it behooves you to provide an accurate accounting to all interested parties. Conceptually, it's about gathering the assets and uncovering the liabilities, paying all claims including taxes and distributing the property according to the decedent's will.

If a bank or lawyer is the fiduciary (executor or administrator), they will more likely bend in the direction of being more formal. Smaller estates will usually be administered less formally, but will still need legit. valuations ( appraisals, etc.).

Rule of thumb: the more formal, the more expensive administration becomes.

Do you have any more specific questions? Are you on the administrative or beneficiary (receiving) end? You can probably find out a lot about your state's rules by googling.

Disclaimer: I am not an attorney. However, I do a fair amount of Estate tax work and have served in a "professional" fiduciary capacity.

I'm a beneficiary in this case, Jim. The executor has not been very responsive as to how they are handling all of this. That's what prompted my question. I have put them on notice that I will be expecting a full accounting with (third party) appraisals, etc. I'll be glad when this is over.

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Good luck. Those are, largely, mutually exclusive desires.
Keep in mind appraising is an art, not a science. Valuing real estate today is challenging. Did an estate return where DOD in July 2006 resulted in an appraised value of 726,000 for decedent's home. Executrix just got it under contract for 700,000. How do I (or should I even try) to convince the state that the estate overpaid its tax and is entitled to a reduction. I don't think it'll fly in today's crash & burn real estate climate. Two years is likely to be deemed too long, given the unique real estate market decline.

Overvaluation can cost the estate more in taxes. Undervaluation can distort beneficiarie's shares.

BTW, is the executor a relative of the decedent or an attorney or bank/trust company? Keep a close eye on family members serving. They may have their own agenda (or financial pressures).

Edit: Over the years I have concluded that the two times in a person's life his veneer gets pulled back and his soul is exposed are in a divorce or when someone dies and you are beneficiary. I've seen some really ugly stuff go down.

It's a close relative. You're right about the times when people's true characters are exposed. Whenever there's enough money involved, people start to act a lot differently than they do if nothing is at stake.

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

You're asking several questions here.

First, check with the estate attorney for the personal property inventory question. What you seem the most concerned about are the items that can disappear, never to be found. Is that correct? If so, you will need to secure theses items before the person's death, if, you have POA Power of Attorney, next, if the person has expired, the executor (personal representative) has full power oand rights to secure those items, even to thew extent of hiding them from theft or locking the estate property under lock and key. Just because heirs are heirs, it is not their right to commandeer items.......the care and custody/responsibility of those items falls to the personal representative. Locking properties and safeguarding these items is a delicate situation when the person that will be expiring is alive. Once the person dies - the personal representative can act swiftly in securing them.

Hope this helps. Are you the personal representative in this estate?

Hire an independent attorney at your expense, or, you are entitled to spend as much time as necessary with the estate attorney handling the estate - ALL at the expense of the estate. Move to the attorney's office as soon as you can - it is all charged hourly to the estate - regardless of the number of heirs.

Your attorney can file with the estate judge, a request (hearing) to replace the estate's executor, if you feel you have reasonable cause. Your attorney can petition yourself to replace the executor.

You are correct, in that money makes people behave differently in these estate situations. Any heir is lawfully entitled to question and have answered anything that may or may not be happening, as pertains to the case.

i dios mio....

__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

I’m not an attorney. I am a beneficiary who became an Executor due to theft and attempted theft by the former executor.

In my case the original executor "disposed" of several items, without witnesses, prior to notifying anyone. So rule number 1 is to make sure a neutral party is on hand for anything that is subject to theft. The original executor also tried to usurp the estate’s Will. Her doing this is the reason that I became the executor.

RE personal property: The estate attorneys requested that I make a “very rough” estimate of the value of personal property known. We never got a full list, and there was never a formal appraisal done. What was done was an agreement between the involved parties. Ironically, this “agreement” was made before any of the involved parties knew about the thefts.

Anyway, the court did not request a formal disclosure of personal property, only the aforementioned estimate. The dollar amount of the personal property was not that much. The Court did require formal disclosure for all amounts held by banks, mortgage companies, insurance and so on.

I’m told the rules for probate vary widely state to state.

One thing I will strongly suggest is to NEVER take anyone’s word. ALWAYS get independent confirmation, from a qualified party, unless you don’t care. I guess thats 2 things.