Customer Reviews

How to Settle an Estate: A Manual for Executors and Trustees

5 star:		(3)
4 star:		(4)
3 star:		(2)
2 star:		(1)
1 star:		(1)

 

 

I have read six different books concerning wills, probate, and trusts in the past few months. Of the books that I have read, this is clearly the best. All of the standard stuff is here - except the constant reminders by the authors to hire an attorney. Unlike nearly all the other books, the authors do not talk-down to readers. The language was never too simple-minded and only in a few cases did I have to read a paragraph again to determine its meaning. The authors give hints and insights which I did not find in the other books. And the book contains the best explanation I have read concerning why trying to determine and report the lowest possible value of estate assets is not always the best idea. I do not plan to die for several years. If I could give to my future executor only one book, this would be it. I miss only estate/probate information about each state. Therefore, I am still confused about the interrelationship between state estate reporting and taxes and federal ones. Essentially, everything depends on the value of the taxable estate. If 20% of the readers of this book do so in anticipation of a death, my bet is that only 1% of those will have a taxable estate over $1 million. And those people not having a million-dollar estate (after 2006) will not need to pay federal estate taxes - thereby eliminating the need for most of the book. First-time executors reading the book because of immediate need and suspecting a taxable estate value more than $675,000 will be able to afford to hire a lawyer to do the (subjectively) most difficult parts of the job.

This book tells you nearly everything you need to know as an executor of an estate. It has lots of detailed information and practical advice. It is far superior (and cheaper, too!) than its competitor, ``Where There's a Will'' by Bauers. The information density is very high and the explanations are clear. Note particularly the detailed advice and description of a central task, filling out the Form 706 estate tax return (though the authors do suggest you also talk to a tax attorney).

There was only one question I wish the authors had answered: how to handle the affairs of the estate between the time of death and the time one has the letters testamentary that authorize you to act as executor. In that period, it seems, you have little or no legal authority to do anything even though there is much to be done.

As an overview, it's difficult to imagine a better introduction to the labyrinthine ways of settling an estate. But as to details and particulars, it's woefully inadequate. The checklist at the end of the book is helpful. The thesis, viz., KEEP RECORDS, is important. But it's examples and suggestions on how to do certain, e.g., tangible acts, like dealing with creditors, secured versus unsecured claims, goes unmentioned. despite its enormous importance. There's only two sample letters, and they're not altogether novel or esoteric. Again, a good overview, just very short on particular issues, examples, and samples.

I will probably be asked in the next few years to be an executor, but, as is mentioned in this book's introduction, "You know generally that an executor is someone who handles the affairs of a deceased person, but you have no idea how to get the job done." After reading this book, you know that the first thing to do after the funeral is to hire an estate attorney to tell you what must be done. The book also mentions that it might be possible to totally avoid probate, which could greatly simplify things and save money. This book stresses that there is no need to try to be a do-it-yourself executor. You're definitely going to consult with a lawyer to see what the current estate laws are in your area, and you might need to also hire other professionals, but these people should all remain hired hands; the executor must stay in command. I didn't expect this book to give the estate-law quirks for all fifty states; you might find that some of what it says doesn't apply in your state. It's still a very good introduction to being an executor, and it let me know that an executor doesn't have to be totally helpless in legal land. That in itself is worth the book's cost!

FROM: A recently appointed executor

TO: Executors, attorneys, beneficiaries

SCOPE: Introduction to probate proces and job
of estate administration.

In the short span of 324 pages including 30 chapters, 13 Appendices, a Glossary and an Index, Plotnick and Leimberg address planning, organizing, and outlining the process of probating an estate.

Of more than 12 books checked out from my main library, this one easily made the "must own" list.

The appendix includes much practical information such as check lists, form letters, inventory, and tax preparation tips.

Worth its weight in gold!

The best basic "how-to" guide I've seen for executors and administrators. Not "do-it-yourself" tear-out forms, just good, practical, up-to-date (in '98) advice. I'm sending complimentary copies to my executor and trustee clients (via Amazon.com, natch!)

I found the book to be very useful, a good guideline to get one familiar with the timelines and requirements of settling an estate. The book also contains useful checklists to help one keep track of what has been done and what is still left to do. For someone like me who has no formal accounting or legal background the book relatively easy to follow.

Solves a lot of questions. Settling an estate has many pitfalls. Use this guide to ask intelligent questions to a lawyer licensed to practice in your state.

Meet and exceeded my expecations. Well satified, shipped fast and well packed
Period

This book is helpful in one way only - making the job of being an executor appear so frightful that no one in their right mind would ever accept it. Not the combined imaginations of Dickens (Bleak House) and Kafka (The Trial) could paint a picture as awful as these two authors (both lawyers - surprise!); the courts,lawyers, beneficiaries, and the IRS all wait like vultures for the executor to make any one of thousands of possible mistakes. I don't know how many times the authors write of the "personal liability" awaiting the executor if this or that is or is not done in a timely manner, yet with all due deliberation. The book may,in fact, be a good one; it may take the reader like Virgil takes Dante into the bowels of a new and terrible hell. Indeed, the book's main thesis may well be "abandon hope, ye who enter here."