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Met With The Estate Lawyer

This morning, I met with an estate lawyer regarding my mom's estate.  Wow.  I am overwhelmed with all
the information that she provided.  There is a lot to do both on her part and mine.  I had no idea!

But, I feel that I am in good hands and it will all eventually work out.  I provided her with wills and death certificates for both mom and dad.  This will help secure their house as an asset.  I also have to get her house inspected and evaluated for current worth.  I need to do this in 6 months from her day of death.  This will help with capital gains taxes when and if I sell it.  The taxes will be based on the current value, not the original value of the house when she and dad bought it.

Once I am approved as "executor" by the probate court I will be granted access to mom's accounts.  Then I can officially obtain access to her accounts and safety deposit box.  At some point those funds will go into an estate account and once everyone is paid, I will then have access to the funds.  Should take 4-6 months.  I think.

Honestly, it was so much information ( I took notes and the lawyer provided a 5 page outline of our meeting)  that I will be calling them back with questions.    Luckily, I am on mom's checking account and this provides me with the funds to finance this endeavor.  Lawyers ain't cheap!

(Sigh)  Tomorrow after work, I am meeting with mom's financial planner.  Since she knows all about her money she can help me decide what to do and to help transfer her IRA's to me without having to pay taxes.  We are also going to evaluate my budget and see the long term outlook on when and if I can retire.

More stuff to pull together for tomorrow's meeting.

What are your experiences with probate and estate lawyers? 


Lisa Richardson said...

I just went through this with a cousin's estate. I was the sole benefactor and the estate still took just shy of two years to get wrapped up and closed. But let me tell you from experience that the 'heavy lifting' takes place in the first few months... get through this and the rest is pretty easy sailing. Good luck to you as you tackle all of this... it isn't anything we want to do but most of us have to deal with an estate at some point in our lives.

Lisa Richardson said...

I wish you luck. Even though we're all involved, luckily my sister is taking the lead with my father's estate.

Lisa Richardson said...

I'm not sure where my comment went, so I'll try again. Even though we are all involved, luckily, my sister is taking the lead with my father's estate.

Lisa Richardson said...

Hi Denise,
Dang! I am hoping it does not take two years ;-). But I guess wwe will see where this takes us. Thanks for stopping by!
Are you still moving forward with the 4 plex purchase ?? That sound like a great idea. Good luck!

Lisa Richardson said...

Thanks! It is definitely a journey!

Lisa Richardson said...

You seem to have a lot you are having to deal with. I really hope you are in good hands and that this lawyer helps you through the process. These things take a while as did with my friend and her mom. It took about 4 months of weeknights and weekends. I have never had to deal with probate or an estate lawyer before. Lawyer's are definitely not cheap!

Lisa Richardson said...

Yes, it is a lot! I am amazed at how long the process takes. But willing to take the necessary steps to make sure it all is done correctly.

Lisa Richardson said...

Hi. Yes, I am... I'll have to write a blog post about it and what finally tipped the tables in favor of me doing it. Home inspection is Thursday!