California-based Sun Valley Group, Inc. Is Named Executor of Minneapolis Twins star Kirby Puckett’s Estate
A Maricopa County Superior Court Judge in Arizona has awarded the ashes of Kirby Puckett to his children, Catherine, 16, and Kirby, Jr. 14. Meanwhile, Puckett friend and associate Brian Woods was removed as the executor of the baseball star’s estate.
The judge ruled that Woods had not been reasonable in considering the children’s “clear wishes and emotional needs and desires” by refusing to allow them to keep Puckett’s cremains at their home. Puckett did not leave explicit instructions about what to do with his ashes. California-based Sun Valley Group, Inc. will take over as executor.
Puckett’s fiancé, Jodi Olson, who had been living with the baseball star at the time of his death, expressed disappointment at not being able to receive a portion of the ashes. Olson is not a beneficiary in Puckett’s will, which was drafted 3 years ago. Woods had unsuccessfully tried, by power of attorney, to get $1 million transferred to Olson by power of attorney before Puckett’s death.
Puckett died on March 6 at the age of 46 from a massive stroke. His children are the primary beneficiaries of his estate believed to be worth at least $9 million.
An executor of an estate is the person named in a will of a person who has died to now handle their financial affairs.
Executors have a number of duties, depending on the complexity of the deceased person's estate. Typically, an executor must:
· Decide whether or not probate court proceedings are needed. If the deceased person's property is worth less than a certain amount (it depends on state law), formal probate may not be required.
· Figure out who inherits property. If the deceased person left a will, the executor will read it to determine who gets what. If there's no will, the administrator will have to look at state law (called " intestate succession" statutes) to find out who the deceased person's heirs are.
· Decide whether or not it's legally permissible to transfer certain items immediately to the people named to inherit them, even if probate is required for other property.
· If probate is required, file the will (if any) and all required legal papers in the local probate court.
· Find the deceased person's assets and manage them during the probate process, which may take up to a year. This may involve deciding whether to sell real estate or securities owned by the deceased person.
· Handle day-to-day details, such as terminating leases and credit cards, and notifybanks and government agencies - such as Social Security, the post office, Medicare and the Veterans Administration - of the death.
· Set up an estate bank account to hold money that is owed to the deceased person - for example, paychecks or stock dividends.
· Use estate funds to pay continuing expenses - for example, mortgage payments, utility bills and homeowner's insurance premiums.
· Pay debts. As part of this process, the executor must officially notify creditors of the probate proceeding, following the procedure set out by state law.
· Pay taxes. A final income tax return must be filed, covering the period from the beginning of the tax year to the date of death. State and federal estate tax returns may also be required, depending on how much property the deceased person owned at death and to whom the property was left.
· Supervise the distribution of the deceased person's property to the people or organizations named in the will.
If you live in the San Francisco/San Jose Bay areas and you would like to appoint an executor for your estate, or if you are an executor and you need the help of an attorney, our attorneys at Sagaria Law, P.C. can help you. With offices in San Jose, Fremont, and Monterey serving the Santa Clara County, Monterey County, and Alameda County. Sagaria Law, P.C. can help you. Contact us for a free consultation.
Puckett's Ashes Awarded To His Children, Judge Rules, Mercurynews.com, October 24, 2006
Kirby's Ashes To Go To His Children, St. Paul Pioneer Press, October 25, 2006
Executors FAQ, Inc.com
The Executor's Job, Nolo.com
Related Web Resources:
Being An Executor, Metlife.com
Choosing The Executor or Trustee, Abanet.org
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