When one of your loved ones
#1: Get A Copy Of The Death Certificate, First And Foremost
Though you will have a number of tasks on your plate, you'll keep hitting dead ends if you don't get your hands on your loved one's death certificate. Creditors, appraisers, attorneys and other professionals involved in the process will all want to see this certificate, in order to allow you to carry out your loved one's wishes. Because of this, make sure to obtain a certified copy as quickly as possible, to avoid hitting snags that will slow down the process.
#2: Notify All Creditors And Take Thorough Inventory Of Property And Assets
The biggest and most involved part of this process is to gain a thorough understanding of your loved one's debts and assets. Because of this, you will need to notify all of your loved one's creditors of their death, in order to see which debts can be forgiven and which are passed on to the estate. As you comb through their assets, make sure to work with appraisers who are thorough enough to give fair estimates, while doing a lot of the leg work to make your life easier. Keep thorough records in both hard copy and digital form, so that you are always able to furnish proof.
#3: Open A Separate Bank Account For The Estate
In order to keep clean accounting records and to have all money flow to the same place, you'll need to set up a bank account for your loved one's estate. This way, any money due them, through investment proceeds or other payouts, can more easily be sorted and passed on to family members based upon the will. For best results, send the money to an interest bearing account, so that you are able to grow the money as it is waiting to be allocated. This extra bit of interest can come in handy when paying estate taxes and other responsibilities.
Follow these tips and use them as you work to execute your loved one's estate. For further help, reach out to a probate attorney who can help you. To find our more, contact someone like Davis and Mathis.Share