Cleaning Out!!

Recently having redone "final documents" (Powers of Attorney, Wills, Healthcare Directives - great thing to keep current!!) it has been stunning to realize how much "stuff" has been collected. Some was kept because "it would be good to have if needed," or "this was great, I might reuse it;" or simply because there was room for it!!

It has been enlightening to look with questioning eyes, and sometimes STUNNING to realize: "This will mean NOTHING to my heirs! It will just be junk they have to toss out, not knowing why it was kept (possibly for 20 years!), what memories are attached to it, or even what it does! They'll think I'm an idiot for keeping this!"

This BBC article has some great tips for the de-cluttering adventure. You may find things get too painful to work with or consider giving away. I found examining and working in an area several times, over time, helped loosen the ties... Lots of things have gone to local charities for resal, or reuse by someone who needs it!!!

The joy of living with less

www.bbc.com

Take your life back to the basics, slash costs and reclaim your time.

My FATHER'S Will

Doing My Father's Will:
30 years ago in October, I received a short phone call after church that my father had died. That event, coming 15 years after my mother's death, opened a rather challenging life story. When my mother died, after years of emotional (mental illness) I said out loud to the ceiling, "the nightmare is over." When my father died, my mental response was: "the nightmare has begun again." He left a business of rental property, and I knew that would be complex to operate from a mile away. Three days after his death, he had an appointment for a physical that would have guaranteed an insurance policy that would cover all the final expenses and inheritance taxes....

So, I became sole executor of my father's estate, upon probation of his will "in solemn form". The new executor immediately engaged a recommended attorney to help navigate the tricky business of "settling the estate." From them I learned the one page will was not what it should have been, and measures were taken to insure that I could properly do my 3 duties as executor: "Marshall the assets, protect and advance the assets, and distribute the assets." Seemed overall simple enough.
At the same time, I also became fiduciary of my father's estate: I was the money man, in change of financial matters. I also became the trustee of the estate, the person/entity who is the legal signer of all documentation, as if my father were still living, doing business himself. Finally, from the will itself, I was already an "heir at will".... designated as one of those people to whom the executor side of me would someday begin distributing the assets of the estate. It's not been all that easy.

Thankful am I to the person who told me: "you will not believe what will happen, what you will face, with people where money is involved." I have been sued by someone whose deed from my father on a piece of property had an error by a careless surveyor... after $6,000 legal fees, the attorneys advised: "there is indeed no merit to their claim, but you might as well quitclaim now, lest this become the most expensive piece of property in the County." (In other words, "you're stupid to keep paying us!"). I have had to collect debts owed to my father from those who "were sure he was going to give them a break, he was a real nice guy." "Yes, I knew the man, too. He never mentioned any adjustment. He's dead, but I am not, and he would have requested payment. "

So for 30 years, longer than I actually had conscious knowledge of the man, I have tried to faithfully execute my father's will. It has not always been easy, and has probably the one thing in my life that has been the biggest test sometimes. When the CPA who was to do the 706 kept procrastinating completing the "Death Tax Return", I had to drive to his office, collect the papers, and do it myself. (Don't EVER try that!) Much to my surprise, the estate was NOT debt-free, and the funds on hand were not sufficient to pay the final taxes. Thanks to a local banker's trust, the executor was given a loan of $25,000 in 19 days on a house in another county they had never (and have never) seen, in order to pay the taxes. (Thankfully, under President Ronald Reagan, the ceiling on inheritance taxes was raised dramatically, and future executors were not placed in the same challenging circumstances.) One heir in particular kept asking about "distributions" and I had to explain there were no funds to distribute, that the bills and taxes were absorbing all the income. I finally had to ask, "you weren't planning on his death, were you?"

Recently, upon preparing the 25th tax return for the KRB estate, the CPA just asked me if we were going to have a "silver celebration" of 25 years of business of the Kenneth R. Bandy Estate. I replied, "No, that would be celebrating the 25th anniversary of my father's death, and I don't believe I'll be doing that." He was horrified when he realized what he'd said, yet I thought it was HILARIOUS, and knew father would have found it quite humorous as well. It may be the highest and lightest point of this adventure, and I have enjoyed re-telling that story! (The CPA is still not yet over his embarrassment!)

SOOO, as best I know, as best I could, even 30 years removed from a conversation with my dad, I have done what I thought was right, and what he would have done if he were in my unique position. Until I file final papers with the Judge, the KRB estate continues to function.

A more important question keeps coming to mind, that I'm not so sure about: Have I been as faithful about my FATHER's WILL, as I have been about my dad's? Everything about my dad's estate will eventually be nothing, with the rest of this world. It's a question that will not go away: Am I fulfulling my obligation and calling, to execute my FATHER'S WILL?