My Brothers Estate

[Sigarms]

Meticulous records of expenses, etc. should be kept throughout the entire process and for 7 years after the estate closes. You'll never know what comes out of the woodwork.

In hindsight I was wrong and your comment is spot on.

No matter what, always keep track of the expenses.

 

[Chewwy]

Lots of opinions here. Some may be right, some likely, not so.

A lawyer specializing in this area is the best source if expertise.

 

[ponytug]

@EddieWalker Again, sorry for your loss and the challenges of dealing with your brother's estate.

I would like to thank you, and the other contributors; I have learned a great deal, and it has been very helpful. Thanks!

All the best,

Peter

 

[m7040]

We have set up a living trust to avoid a mess after we are gone and set up a clean way to pass it on to the other spouse and after that to children so it avoids probate and any ambiguity

 

[HawkinsHollow]

We have set up a living trust to avoid a mess after we are gone and set up a clean way to pass it on to the other spouse and after that to children so it avoids probate and any ambiguity

Keep up the good fight Eddie! You are doing great. My condolences!

Thankfully my parents have a similar set-up. Down to having their entire funeral expenses already paid.

After reading this thread I see how valuable of a thing that is. It also has prodded me to get my butt in gear and get somethings rolling on my end. I don't even have a will. I am only 48 but you just never know.

Maybe I should start a thread about what steps should be taken to avoid a situation similar to this. I guess there are some protections for a spouse, right?

 

[MossRoad]

As soon as we had children, we made a will, as we wanted to specify who was going to take care of them if something happened to us, how the money was to be spent on their care and upbringing, and what happens to any money left over once they hit adulthood.

Sometimes folks think a will forces their hand on immortality. I think it's just good business and as others have mentioned, leaves nothing ambiguous.

 

[OldMcDonald]

Maybe I should start a thread about what steps should be taken to avoid a situation similar to this. I guess there are some protections for a spouse, right?

Total waste of time starting such a thread. You have already seen from this one how different people view the situation outlined in the OP. Without knowing the law on succession (especially intestacy) in a given locality it is most likely that any view is wrong. @Chewwy at #172 gives a good summary of what has been posted so far. You would be better served talking to a lawyer now about a will for both your wife and yourself. Pick someone known in the jurisdiction where you live to have experience of winding up estates and making wills. Make sure you both know in advance what you want to happen to both of your assets - that includes personal items; and who you want to be Guardians of any children during their minority - the age of majority varies depending on where you live up to the time of your death.

I posted early in the piece I have practical knowledge of winding up dead persons' estates in England, Australia and Scotland. Some of that experience was gained being paid to do the work. I know it is a highly complicated situation in most places, and there are strict rules about who is the Administrator of an intestate's estate. In most places I know of it would not be the brother of a deceased, although (by agreement of all others involved) I did become the Administrator of my eldest brother's. I was living in Portugal and he died in Australia, where I had previously lived. Time consuming, but necessary. Nobody thanked me for doing it.

The rules applying to a spouse's rights in an intestaste estate also varies according to the country/state and the value of the estate - including or excluding the marital dwellinghouse, depending on where the house is.

 

[m7040]

Setting up a living trust in most cases will give good assurance that your wishes will be honored. It requires an estate lawyer to set it up and will cost several thousand dollars to do. If not doing that then get a lawyer to set up a regular will. If not doing that set up your own will.

 

[California]

... Time consuming, but necessary. Nobody thanked me for doing it.

No kidding. BTDT.

Everybody, make your wishes known while you can. Leaving settlement to be figured out by the heirs is not a kindness to them.

I think we could all learn from a new thread. It's not helpful to Eddie to clutter this one with anyone's speculation of how things 'should' work in Texas. Only a local attorney will know his/her way through that maze.

 

[Sigarms]

After reading this thread I see how valuable of a thing that is. It also has prodded me to get my butt in gear and get somethings rolling on my end. I don't even have a will. I am only 48 but you just never know.

I did't start a will until my 30's. By that time, I had a career and could actually bank money. The reason why I did a will is because I was ALWAYS under the impression that my parents would get everything of mine if I passed away (never married at the time, no children). I found out that is not always true, particularly if you don't live in the same state.

End of day, having something in writing and documented at least covers your butt so people know what you wanted to do if you had anything.

It can also make life simpler for the executor for "family items" if the deceased left who explicitly should receive what. This way the family can get pissed at the deceased instead of the executor