Settling an estate can turn out to be a tough process for anyone, especially the individuals most affected by the death. If you are aware of the state laws, and follow a few practical steps, then the process will flow much faster for you.
The meaning of settling an estate whether it is located in Chandler, Gilbert, Mesa, Phoenix or any other place in the US is protecting the property of your loved one and paying related taxes and debts, which may be due. It also includes estate asset distribution to the individuals entitled to it.
Tasks to be done in the initial stage
You must start handling the estate with a few initial activities.
- Find out who is the trustee or the executor: You can consult an attorney if you have doubts about who has been appointed as the trustee in the will
- Make arrangements for the temporary care of dependents, including minor children: One of your first tasks will be temporarily looking after the needs of any dependents of the deceased person, including children. You may have to inquire into a hospice or day care service for temporary accommodation until you find a permanent solution.
- Obtain the certified copies of death certificate: A death certificate is essential for any important service. It is advisable to have multiple copies of the same.
- Search for a Trust or Will: Find a Trust, Will or any other peer important documents.
- Collect all mails: When you collect a person’s mail, you not only protects his or her privacy, but also serve an extremely valuable administrative function. The mails can assist you in identifying the property of the person as the statements of accounts and all other documents are sent by mail. Potential creditors can also be identified by the mail delivery of bills.
- Paying bills: Bills will not stop arriving after a person’s death. They are the expenses incurred by the person while he/she was alive. The list of bills include credit card statements, cell phone bills, mortgage payment invoices and insurance premiums to name a few.
- Secure all tangible property, automobiles and the residence: You should seal the person’s residence, their cars and all tangible personal property. The list of tangible personal properties include artwork, furniture and antiques. It also includes personal effects like jewelry and clothes.
- Notify the credit reporting agencies and credit card companies: You must do it to prevent the cards from being misused.
Other than the above, you must also notify the person’s employer about the death. If the person served in the military, you will also need to inform the Veterans’ Affairs Administration. Since it is a tricky process, requiring a lot of legal acumen, it is best to hire a wealth manager to oversee the turn of events. The matter of settling the estate can often turn out to be a long drawn and thankless one if you choose to proceed on your own. If you need some assistance in this trying time don’t hesitate to contact the advisers at Wealthnest Planners for a free introductory meeting and financial physical.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Investing in securities is subject to risk including risk of loss of principal. No strategy assures success or guarantees against loss. This information is not intended to be a substitute for specific individualized legal advice. We suggest that you discuss your specific situation with a qualified legal advisor