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Executor of a Will

Old 11-10-2016, 11:28 AM
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Default Executor of a Will

How does the executor know where all the bank accounts are of the deceased parents?

How do the heirs of the estate know if the bank accounts that are presented by the executor are all of the bank accounts there is?
Old 11-10-2016, 11:32 AM
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Originally Posted by Garett View Post
How does the executor know where all the bank accounts are of the deceased parents?

How do the heirs of the estate know if the bank accounts that are presented by the executor are all of the bank accounts there is?
Your knowledge is only as good as the kept records and your energy to investigate.

On the debt side, typically there is a requirement to advertise in a public source for a specific duration.
Old 11-10-2016, 11:36 AM
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A number or ways including monthly statements, prior tax returns , form 1099 int, etc. The tougher issue might be a safe deposit box, until a bill for the yearly fee arrives.
Old 11-10-2016, 11:57 AM
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Originally Posted by chrispnet View Post
Your knowledge is only as good as the kept records and your energy to investigate.

On the debt side, typically there is a requirement to advertise in a public source for a specific duration.
The number one problem we have is confidentiality laws. The banks just won't move past that. If you are not the executor of the estate you get absolutely nothing out of them.
Old 11-10-2016, 12:03 PM
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I have been an executor 3 times in states I do not live in. With a copy of the probated will and death certificate, no problem with banks.
Old 11-10-2016, 12:15 PM
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Don't forget to check unclaimed property with the state.

My dad passed in 2007. He was fastidious in his record keeping, yet we found 40k in unclaimed funds. It was from directors fees that were sent to an old office address that were not forwarded.

Avalon
Old 11-10-2016, 12:29 PM
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Originally Posted by ylyl1943 View Post
I have been an executor 3 times in states I do not live in. With a copy of the probated will and death certificate, no problem with banks.
There is a whole back story mess going on here; the estate has not gone through probate and I'm 99.5% certain any action to commence probate has not happened.

A Will in hand and a death certificate is still not enough for a bank to disclose if there is or was a bank account in their system..
Old 11-10-2016, 12:31 PM
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Most old people still get mail. When my grandmother passed we just kept checking her mailbox and found all kinds of statements. A fair amount will be discovered by going through their stuff too.
Old 11-10-2016, 12:32 PM
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Is executor also an heir?
My biggest problem was opening up an estate account and getting E.D. Jones to liquidate an account. Probate attorney can also run deceased social and pull up bank accounts.
Old 11-10-2016, 12:37 PM
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Originally Posted by Garett View Post
There is a whole back story mess going on here; the estate has not gone through probate and I'm 99.5% certain any action to commence probate has not happened.

A Will in hand and a death certificate is still not enough for a bank to disclose if there is or was a bank account in their system..
Correct. You will probably need to file the will with the Probate Court and have Letters of Administration prepared. ( I believe that's what it's called)

This will put banks, etc. on notice that you are the Executor.
Old 11-10-2016, 12:38 PM
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Originally Posted by aubv View Post
A number or ways including monthly statements, prior tax returns , form 1099 int, etc. The tougher issue might be a safe deposit box, until a bill for the yearly fee arrives.
These are good places to start. Also, simply going through their mail, snooping around the house.
Old 11-10-2016, 12:49 PM
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Originally Posted by Garett View Post
There is a whole back story mess going on here; the estate has not gone through probate and I'm 99.5% certain any action to commence probate has not happened.

A Will in hand and a death certificate is still not enough for a bank to disclose if there is or was a bank account in their system..

Good Luck, I am $40k into my shit show with very little to show for that coin yet.
Old 11-10-2016, 12:55 PM
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Everyone, go here and look up everyone you know. There's a ton of unclaimed funds out there.

http://missingmoney.com
Old 11-10-2016, 01:14 PM
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A little off topic but my father had a program called "my info" that forced him thru the steps to list where life insurance policies, bank accounts, etc. were. It was invaluable when I had to settle his estate. I have done the same and would encourage everybody else.

Sorry Garrett, I know that ain't what you asked.
Old 11-10-2016, 01:25 PM
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we hired a estate lawyer-- -- that degree gets things done=
Old 11-10-2016, 02:37 PM
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Originally Posted by Garett View Post
How does the executor know where all the bank accounts are of the deceased parents?

How do the heirs of the estate know if the bank accounts that are presented by the executor are all of the bank accounts there is?
I mentioned this in another thread but before your parents get to the point where they can't care for themselves or pass away someone in the family needs to have a medical and legal power of attorney and be listed on every account your parents have as an authorized user.

That person needs to monitor account activity; there are a lot of people that will take advantage of the elderly.
Old 11-11-2016, 01:06 AM
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Originally Posted by mikefloyd View Post
I mentioned this in another thread but before your parents get to the point where they can't care for themselves or pass away someone in the family needs to have a medical and legal power of attorney and be listed on every account your parents have as an authorized user.

That person needs to monitor account activity; there are a lot of people that will take advantage of the elderly.
This is what my parents did. I am the executor of their trust and am on all the accounts. I guess I am a little confused as to why someone would go to the trouble of naming an executor and not making them privy to all the details along with the attorney???
Old 11-11-2016, 06:22 AM
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Originally Posted by jkmjr View Post
This is what my parents did. I am the executor of their trust and am on all the accounts. I guess I am a little confused as to why someone would go to the trouble of naming an executor and not making them privy to all the details along with the attorney???
Not a clue on that one. Our trust attorney has a very detailed list of assets that's updated on a regular basis and available to our executor.
Old 11-11-2016, 06:39 AM
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Originally Posted by jkmjr View Post
This is what my parents did. I am the executor of their trust and am on all the accounts. I guess I am a little confused as to why someone would go to the trouble of naming an executor and not making them privy to all the details along with the attorney???
One of Garrett's posts made it sound like he is not the executor of the estate but is trying to get info on the estate but is barred by confidentiality laws.
Old 11-11-2016, 10:31 AM
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Originally Posted by OReely View Post
One of Garrett's posts made it sound like he is not the executor of the estate but is trying to get info on the estate but is barred by confidentiality laws.
I am thinking the same thing.
he just wants to check on what the executor is doing because he does not trust him

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