Years After Executor Of One Man’s Estate Convinces Him To Declare His Brother Legally Dead, Woman Who Tracks Down Heirs To Unclaimed Estates Finds This Brother Alive At Age 73
A woman whose business is to find heirs to unclaimed property or money has reunited a brother and sister after nearly half a century. Margaret Galasso had been looking for the heirs of Wilbur Robinson, Jr.’s Estate. The estate had nearly $65,000 in unclaimed money.
Mallory, an 81-year-old retired nurse and Richard Robinson, a 73-year-old former sheet-metal worker, had both thought the other was dead. In addition, their brother Wilbur had been advised by a Beverly Hills Attorney to declare both Richard and another brother legally dead so that the transfer on the deed of the family’s Lake Charles House could be transferred to Wilbur, his sister Elneda, and their brother Joseph.
The attorney, who became the trustee and executor of Wilbur’s estate was disbarred in 2000 for several incidents of misconduct. Also, Mallory Robinson and Galasso believe that the attorney might have taken up to $200,000 in property and money from Wilbur’s estate.
While reviewing Wilbur's estate, Galasso noticed that there was no evidence that either brother Walter was actually dead, and although she found Richard, she still does not know whether his brother Walter is really deceased.
When choosing the executor of your estate, it is important that you select someone whom you trust completely and who has the time to see to your affairs.
An Executor may take some or all of the following steps to settle the estate:
• Begin the probate process.
• Obtain death certificates.
• Obtain a federal tax number for the estate, called an EIN.
• File the will and other legal papers with the probate court if formal probate is required. Unless a small estate (as determined by the laws of your state) is involved, formal probate generally will be required.
• Advertise who the executor is. People who are owed money by the person who died or others who have an interest in the estate need to know who to contact about their claims. Claims must be filed within a specified and limited time, which varies from state to state.
• Open estate checking and savings accounts.
• Keep track of all the dates by which various tasks have to be done.
• Identify members of the deceased’s immediate family.
• Locate all documents that affect the value of the estate. These are the documents listed earlier in this booklet, such as birth certificates, buy/sell information for a business, cancelled checks for the previous three years, deeds, federal and state personal and business income tax returns, gift tax returns, employee benefit information, marriage certificate, military discharge papers, prenuptial agreements, vehicle titles, and more.
• List all of the estate’s assets. This list is called an “inventory.” The assets include what your loved one owned alone or with others. The list will include bank accounts, brokerage accounts, business interests, mutual funds, personal property, real estate, and the contents of any safe deposit box. If your loved one controlled property as a “trustee with power of appointment,” that property may be included in the inventory as well. Some types of property that the decedent gave away within three years before death also are included.
• Determine who inherits the property.
• Manage the property of the estate. This includes negotiating leases, making investments, and paying debts and final bills.
• Obtain a copy of all trusts where your loved one was the grantor, testator, lifetime beneficiary, or held powers of appointment over the distribution of assets to others.
• Keep a written record of all income, expenses, and payments made.
• Determine the value of all banking, savings, mutual fund, and brokerage accounts as of the date of death.
• Locate qualified appraisers to document the current fair market value (what it will sell for) of business interests, real estate, and personal property such as jewelry, clothing, cars, and furniture.
• Make sure that buildings (houses, rental property, office buildings) owned by the decedent are insured and not at risk of vandalism or robbery. The executor may need to manage these buildings or collect rents.
• File for survivor benefits, such as life insurance, pension benefits, and government benefits, such as veteran’s benefits.
• Sell assets if money is needed to pay bills. Commonly, the probate court must approve any sale of real estate.
• Invest estate assets conservatively.
• File tax returns for the person who died. Final federal, state, and local income taxes must be paid in addition to federal and state estate taxes as necessary. Final personal income tax returns are filed on the normal due date. Estate tax returns are due nine months after the death, but that date can be extended.
• Distribute assets according to the will or state laws.
• Prepare a final accounting of the estate for the clerk of the probate court.
• After an estate is settled, petition the probate court to remove them as the executor or administrator.
Selecting an executor for your estate is an important decision and requires a lot of careful consideration. Sagaria Law, P.C. handles all estate planning-related matters in Santa Clara County, Alameda County, and Monterey County. For a free consultation, contact Sagaria Law, P.C. today.
After SevenYears, Brother, Sister Find Each Other, Seattle Times, October 30, 2006
What Does The Executor or Administrator Do?, Afsp.org
Related Web Resources:
The Executor, Mackenzie Financial
The Executor's Job, Nolo.com
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