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Ask Dave

How To Administer Father's Will?

Carol isn't sure of her full duties as executor of her father's estate and needs Dave's advice.

QUESTION: Carol’s father is in a nursing home and she has power-of-attorney of her father’s estate.  She wants to know what to do with his will, which is in another state, and the gifts he has specified for his grandchildren after he passes away.  Also, what does she have to do with his other assets like 401k and home?

ANSWER: His estate is there to take care of his debts.  If there’s anything left, it will go to his heirs per his wishes. The will has to be done in the state of your residence, so his will may not be valid now that he has moved.  You need to call an estate planner to be sure.