What I Own And Where

 
By R.C. Shea & Associates

We have discussed in recent articles the importance of making a Will, the possible contents of that Will and the criteria that should be considered in selecting an Executor.

One of the first duties of the Executor is to probate the Will and receive his appointment to assume the responsibilities of settling the estate. This assumes that the Executor can first locate the original Will, as well as those assets which comprise the decedent's estate.

We frequently recommend that a client prepare a list of instructions for his Executor to follow. This list should include the name and telephone number of counsel; the name of his accountant and location of prior income tax returns; the names of those financial institutions with which he deals; the location of the safe deposit box and keys to that box; the location of a cemetery deed and burial arrangements desired; any outstanding debts (promissory notes, mortgages, loans, etc.) and other information that may be relevant to the settlement of your estate.

The Executor has a large responsibility to perform. It is important that his duties be performed within the statutory time periods allowed by law ? eight months under State law and nine months under Federal law. You can make his job easier by furnishing this information and leaving it in a conspicuous place. Our office furnishes a booklet entitled, "What I Own and Where". This booklet is readily available to our readers free of charge by visiting our office in the Colbye Commons Shopping Center, Lakehurst, or by calling our office at 732-657-0600.






© 2000  R.C. Shea & Associates

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