Set up the Home Office

10 Wednesday Feb 2016

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Home OfficeAs acting executor, while waiting for your authorization letter from the probate court, use the time to set up a temporary home office. A temporary home office will help you organize the estate and allow you to work from home. Additionally, set up the temporary home office in a way that allows you to work efficiently by keeping estate business separate from your personal business.

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Track the Estate Income

01 Monday Feb 2016

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track the estate income

An important task for an executor is to track the estate income. Earned income from the decedent’s assets doesn’t stop earning income at the date of death. Therefore, as detailed in the article Tax Returns and the Date of Death, if earned income from estate assets reaches an income threshold, taxes will result. So, for proper income reporting, the executor needs to track the estate income from the date of the death.

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Plan for the First Few Days

01 Friday Jan 2016

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first few daysIf you are planning your estate, it would be a good idea to include a plan for your burial. The first few days after an individual dies are so hectic that chaos results with no direction for the survivors. You need to make clear to your survivors the following:

1) If you prefer a traditional funeral, list the funeral home you want for the wake. Perhaps offer a second choice if the first option isn’t available.

2) List your preferred church for the funeral service.

3) List the cemetery where you prefer the burial to take place. Your survivors may need to buy a plot if one doesn’t exist. If a family plot exists, and you have the plot deed, let your survivors know where you put the plot deed.

Note: 

For the purpose of brevity, the above list is typical of a christian burial in which I am familiar. Certainly, you can adjust the list to fit your religion and place of worship.

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Calculating Capital Gains

28 Monday Dec 2015

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capital gainsEvery piece of property an individual owns has a basis used in calculating capital gains on a sale of property. So, an executor must understand the special rules related to capital gains on estate or inherited property. The stepped-up basis rule is an important rule the executor needs to understand.

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Tax Returns and the Date of Death

26 Saturday Dec 2015

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tax returns

An important function of the executor is to file tax returns for the decedent and the estate. Therefore, it is also important that the executor understands how the date of death determines which tax return to file. Income received before the date of death and after the date of death require different treatment. As a result, the executor must track the estate income accurately as depicted in the article Track the Estate Income. 

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What Makes a Will Valid?

22 Tuesday Dec 2015

Posted by in Probate

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valid will In most states, a valid will requires the following:

1. Any individual 18 years of age or older and is of sound mind may make a will.
2. The will must be in writing (printed or typed).
3. The testator must sign and date the will. 
4. Two witnesses, 18 years of age or over, that have no interest in the will, must sign the will.

Although you don’t need to notarize the will to make it valid, you can make the probate process quicker by adding a self-proving affidavit.

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