A celebrity — and human — mess

“Know yourself.  Don’t accept your dog’s admiration as conclusive evidence that you are wonderful.”

- Ann Landers

As part of what we do around here, I monitor what happens with famous celebrity estates. And I’m not alone in this–many “online”-oriented estate planners tend to make a lot of hay about all of the “stuff” which (all-too-often) ensues when a prominent celebrity passes away. It’s an easy target, because what’s often left is a big, fat mess.

But these are tragic figures. And I’m leery to pile on, and crow about my “thing”, just because it’s all over the news. There are real families involved, real pain, and real consequence for everyone involved. Michael Jackson’s estate mess is just one of the many prominent ones to hit the public consciousness recently.

Well, as you probably know, Gary Coleman recently passed. What a delight this man brought to so many people! But fame itself brings so many … “complications”, and his private life has been well-publicized as full of pain.

Could any of us “non-celebrities” withstand the kind of scrutiny these individuals face? I doubt it.

I’m not going to go into all of the personal details in my Note this week, as many of them are widely available all over the ‘net. The primary battle right now, though, seems to swing on who will be named executrix over the estate.

It seems that Coleman tried to make his wishes known, but the courts are still determining whether it was legally certain.

But what about you? Well, here’s a brief rundown on how to make this important decision…

Choosing an Executor for Your Estate

Whether you’re dealing with significant sums, or with a more modest estate, choosing the person to handle these transaction is a critical decision for EVERY family.

Our clients, of course, have our trained staff handle every aspect of these concerns on their behalf (and much more, of course). But, if you choose to “go it alone” for some reason, here’s what you need to keep in mind:

An executor must:

* Obtain certified copies of your death certificate

* Locate Will beneficiaries

* Examine and inventory your safe deposit boxes

* Collect your mail

* Cancel credit cards and subscriptions

* Notify the SSA and other benefit plan administrators of your death

* Learn about your property, which may involve examining bank statements, deeds, insurance policies, tax returns and other records

* Get bank accounts covered by the Will released

* Place notices in newspapers so creditors can make claims

* Hire a probate attorney

Either the executor or the probate attorney must:

* File court papers to start the probate process and obtain legal authority to act as your executor;

* Manage your assets during the probate process, which usually takes six months to a year;

* Handle court-supervised probate matters, including transfer of property to your beneficiaries and making sure your final debts and taxes are paid; and

* Have final income tax forms prepared, and, if necessary, have estate tax returns for your estate prepared and filed.

Of course, the open probate process is something we try to minimize and even avoid on behalf of our clients.

What To Look For in an Executor

Your executor is what is called a “fiduciary” which means he or she must act in good faith when handling your affairs. He or she cannot take advantage of his or her position or unfairly profit from financial transactions from your estate. The executor will meet the standard of a fiduciary duty if he or she does a competent, honest job.

You want your fiduciary to be both trustworthy and capable of handling the tasks. You have to have complete faith in him or her. Make sure he or she understands the responsibility of the job and is willing to accept it. This requires a discussion before you make your Will.

It sounds a bit strange, but name someone who is healthy and likely to be around after your death. To be secure, you should definitely select at least one successor executor to serve if your first choice is unable or unwilling to do so when the time comes.

For many people, the choice is obvious-their spouse. Others select a close friend, a grown child or other close relative. If no obvious person comes to mind, make a list of your possible selections and use common sense (and this article as your guide) to make the wisest choice.

I’m personally dedicated to the success of your family. Can other lawyers say that?