Estate Executor Management Database.
The Estate Executor is a selection process where an individual chooses someone that will administer all of the terms and conditions of the estate after the death of the estate owner.
As a person who was selected to be an Executor for a family member, I was not aware how much information encompassed the administration process. My eyes were opened when I received the forms and will provided to me from the family member. Although he sent me a canned output from a Life Estate software program, it did not include the information required to process the estate. I have a degree in business so I assumed it would be a snap.
In order to make myself more knowledgeable about settling an estate, and to use the information provided to me by the estate owner, I found it missing about 80% of the data needed to process the required information. Most people are not aware how much is missing from their estate documentation. I found the canned software has all of the forms to fill out, but it did not account for most of the information that the estate owner required to process the estate after his death.
The will and advanced directives and forms used to set up a life estate were fine to establish the option to a will alone. But for an executor to manage the estate, the detail information that is actually required was missing. This is the list of data elements that are required:
- A Complete list of all assets in the estate that needed to be disbursed.
- All of the banking account information to include access to accounts.
- Estate business accounts to include partnerships or business interests. Also all business debt and balance of accounts that include obligations outstanding, and individual business information.
- Estate distribution of assets, to include details of exactly how to distribute the assets. A will does not provide the required details required to properly manage this information.
- Estate Documentation not only includes the estate forms, but it needs to include the location of all outstanding accounts like IRAs and all related data needed to understand the full extent of the estate. For example; if the estate has income and expenses from any outstanding contracts, loans, bank statements, and commitments to anyone, they need to be stated and included in the documentation.
- Estate insurance is a primary concern because many insurance companies will not distribute the funds without the executor providing the necessary proof and documents to the insurance company.
- Medical expenses need to be settled, and identified to ensure that the estate can be fully administered before the remaining funds can be released to the beneficiaries.
- The estate owner needs to provide the funeral arrangements, and all details needed to deliver at the funeral. Many people leave the details to the family after the estate owners death. This is not the proper approach to leave the family the burden of last minute arrangements. Note; funerals cost several thousands of dollars, and defining the grave site, or cremation can take time to arrange.
- Management notification to beneficiaries, friends and family needs to be included in the data for the executor.
- Executor expenses need to be determine by providing funds to cover the expenses to include accounting for the expenses to the estate.
** The application includes web sites to assist the estate owner to find reference information for legal, forms, estate preparation, and estate options that will protect the family from estate tax where the court can tie up the estate for years.
The Estate Executor Management Database was designed to assist the estate owner and executor to streamline the process to administer the estate.
The application has free technical support.
The application includes video tutorials for the data input and usage of the application.
Use the developer link on the iTunes product detail screen to contact the application developer.