Apr 022012
 

Wise advice from Aaron on how to proceed if your parents have left you in charge of handling their estate, and reading between the lines, why parents are doing their children a disservice if they simply shift the tough decisions to the “reasonable one”.

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mythago

 Posted by at 12:39 pm  Tagged with:

  3 Responses to ““So You’re The Executor or Trustee Of Your Parents’ Estate?””

  1. Thanks for the link.

    Parents will do their kids a favor if they make sure that their estate plans are up-to-date and reflect their actual, stated wishes.

  2. (wandered over from Whatever) have appreciated your comments there

    But this “estate” issue is my life. Mom had a trust (at my insistence) but I suspect she got the last laugh as she left my brother and I in charge of my (younger) sister’s “share” (property that she lives on and the taxes & insurance necessary)

    Brother and I are 10 years older and retirement age and really NOT interested in playing babysitter for sister who is not disabled (other than not very smart/does irresponsible financial things). Neither of us want to do this caretaking and have been looking for a way out for several years now. Unfortunately the financial part of the ‘estate’ is minimal and hiring the bank/attorney to manage (for pay) would bankrupt the account in less than 10 years.

    So I think we’re stuck for as long as we’re kicking… good luck to us.

  3. vaughn, there might still be a way to set up the trust affordably, even though the cash part is minimal. (You might even be able to put the trust short-term, on the hopes that your sister will grow up a little.) If you haven’t talked to an estate attorney in your area it’s worth a visit.

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