Underused Resources You Should Know About as the Executor or Trustee!
Are you the Executor or Trustee of a loved one's trust or estate? Those are all big titles that come with big responsibilities -- such as collecting and inventorying all of the assets of the deceased family member. Well, we have good news! There are two FREE resources that can help make your life a wee bit easier. Cue the happy dance.
As previously mentioned, if you are the Executor of an estate or the Trustee of a trust, then you are responsible for identifying all of the assets owned by the deceased person. NCCASH.com, a website run by the NC Department of State Treasurer, can help connect you with unclaimed property (of the deceased) that has been surrendered to the state.
You may think it's a rare thing to get a hit, but we probably find money in about a third of our cases. For example, we were able to find money for a client whose husband had recently died PLUS money in her name and in the name of two of her children! Take the time to run a quick search on NCCASH.com. You never know what you'll find!
After you find all the possible assets (with the help of NCCASH.com), you can now begin to inventory everything. While doing so, you may be getting bombarded with requests from friends and family members of the deceased person who all want a particular item from the house. How do you even begin to tackle this project? FairSplit offers a free program to help you inventory the house and personal belongings. They also offer a paid model that allows people to select the items they may be interested in and, if multiple people "claim" a particular item, provides a fair way of dividing the property. You can add photos, values, and even attach appraisals if necessary.
Using a system to divide the tangible property is a great way to help keep everyone's emotions in check. FairSplit states, "dividing assets in death, downsizing or divorce is stressful, time consuming and often emotionally destructive; we want to help “Divide Things, Not Families®“.For details, visit www.FairSplit.com. Please note we have no affiliation with or tie to this company.
Being the Executor, Trustee, and/or Administrator of an estate is a hard job, so our only goal here is to connect you with resources that can help lighten your load! Visit the sites above and, as always, reach out to us for a helping hand.
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