MANAGING THE ESTATE
My condolences to you if you’re reading this due to the loss of a loved one.
Estate Administration is the collection, management and eventual transfer of your loved one's belongings to beneficiaries or heirs.
Whether your loved one had a will, or no estate planning at all, the transfer of their belongings still must occur.
Estate Administration generally involves filing a petition with the Surrogate's Court to appoint a representative to do the following:
Inventory and assess the value of all assets
Identify all creditors, pending litigation and debts
File any final income tax returns
File estate tax returns
File a final accounting (if required)
Make distributions to heirs/beneficiaries/distributees
There’s so much to do in organizing, managing and settling an estate that it can feel overwhelming.
It’s important to consult with an attorney as soon as possible to help you get started on this process.
Whether you plan to manage the estate yourself or have an attorney assist you in the process, there are many helpful steps to consider that will make the process less daunting.
Make a list of your most pressing questions so that we can address your concerns during our discussion.
In preparing for your free consultation, here are a few additional ideas to consider:
INVENTORY AND SECURE ALL BELONGINGS
Secure your loved one’s belongings. Everything. Clothing, furniture, vehicles, boats, stocks certificates, insurance policies, paperwork, jewelry, art work, etc. Make sure it’s all safe. This is important in determining the value of the estate. It’s a good idea to hold off on giving items to other family members until an accurate inventory of everything has been made.
FUNERAL PREPARATIONS
Of course, your next step will be to begin funeral preparations and obtaining several certified copies of the death certificate. You’ll want to contact insurance carriers, social security (if applicable), employers, credit card companies and medical providers to notify them of your loved one’s passing away.
GATHERING IMPORTANT DOCUMENTS
To further prepare for your free consultation, it would be helpful to locate
wills,
codicils,
trust agreements,
titles,
deeds,
stocks,
bonds,
corporate documents,
partnership agreements,
prior tax returns,
marriage certificates,
adoption documents,
divorce documents,
birth certificates,
previous death certificates of a spouse or loved one,
safe deposit boxes,
storage units,
all insurance policies,
bank accounts,
annuity accounts,
mutual fund accounts,
retirement accounts,
brokerage accounts,
and passwords to any on line accounts, smartphones or other electronic devices.
Later on, you will need to go through all personal papers, bank statements, financial papers and bills to determine what bills must continue to be paid, what debts are owed, what monies your loved one was entitled to (loan he or she made to others) and whether any unpaid medical bills exist.
Schedule a free 15 Minute Probate/Administraton Telephone Strategy Session for more information and to discuss your particular legal needs.
My condolences to you if you’re reading this due to the loss of a loved one.
Estate Administration is the collection, management and eventual transfer of your loved one's belongings to beneficiaries or heirs.
Whether your loved one had a will, or no estate planning at all, the transfer of their belongings still must occur.
Estate Administration generally involves filing a petition with the Surrogate's Court to appoint a representative to do the following:
Inventory and assess the value of all assets
Identify all creditors, pending litigation and debts
File any final income tax returns
File estate tax returns
File a final accounting (if required)
Make distributions to heirs/beneficiaries/distributees
There’s so much to do in organizing, managing and settling an estate that it can feel overwhelming.
It’s important to consult with an attorney as soon as possible to help you get started on this process.
Whether you plan to manage the estate yourself or have an attorney assist you in the process, there are many helpful steps to consider that will make the process less daunting.
Make a list of your most pressing questions so that we can address your concerns during our discussion.
In preparing for your free consultation, here are a few additional ideas to consider:
INVENTORY AND SECURE ALL BELONGINGS
Secure your loved one’s belongings. Everything. Clothing, furniture, vehicles, boats, stocks certificates, insurance policies, paperwork, jewelry, art work, etc. Make sure it’s all safe. This is important in determining the value of the estate. It’s a good idea to hold off on giving items to other family members until an accurate inventory of everything has been made.
FUNERAL PREPARATIONS
Of course, your next step will be to begin funeral preparations and obtaining several certified copies of the death certificate. You’ll want to contact insurance carriers, social security (if applicable), employers, credit card companies and medical providers to notify them of your loved one’s passing away.
GATHERING IMPORTANT DOCUMENTS
To further prepare for your free consultation, it would be helpful to locate
wills,
codicils,
trust agreements,
titles,
deeds,
stocks,
bonds,
corporate documents,
partnership agreements,
prior tax returns,
marriage certificates,
adoption documents,
divorce documents,
birth certificates,
previous death certificates of a spouse or loved one,
safe deposit boxes,
storage units,
all insurance policies,
bank accounts,
annuity accounts,
mutual fund accounts,
retirement accounts,
brokerage accounts,
and passwords to any on line accounts, smartphones or other electronic devices.
Later on, you will need to go through all personal papers, bank statements, financial papers and bills to determine what bills must continue to be paid, what debts are owed, what monies your loved one was entitled to (loan he or she made to others) and whether any unpaid medical bills exist.
Schedule a free 15 Minute Probate/Administraton Telephone Strategy Session for more information and to discuss your particular legal needs.
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