Tuesday, May 14, 2013

Don't Just Sit There, Do Something!

Jack’s work as the personal representative of his mother’s estate requires him to safeguard and insure her personal property against “foreseeable loss.”  

For example, he should keep house and car insurance in effect.  That way if the house happens to burn down before being sold or distributed, his mother’s heirs do not lose the value of the house from their inheritances.  Or if the car is stolen, the heirs will not lose that either.

His mother’s 2009 Cadillac is an asset where there is easily foreseeable loss even if nothing catastrophic like theft happens.  Most cars lose value as they grow older.  Her Cadillac is worth more in September 2012 when she died than it will be in January 2014, when the probate proceedings may finally be closed. 

So Jack should act to sell or distribute the car early in the process.  Otherwise, he has unwisely lost money for his mother’s heirs.

Serving as personal representative of an estate can be more complex than it may appear at first blush.  Therefore, you should make sure that the personal representative you choose in your will or trust will be able to handle all the details involved.  To learn about your estate planning options, call our office at (815) 436-1996 for an appointment.  © 2013 Gruber Law Office, Ltd.


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