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The sudden passing of a loved one brings immense grief as surviving family members struggle to cope with the loss. Besides the heavy emotional toll that you must face, there are the financial and legal realities to which you must now adapt. The estate planning attorneys of LaFountain & Wollman P.C. help individuals and families prepare for the future by executing legal documents to ensure that assets left behind are appropriately passed on and managed. However, we also recognize that there are situations in which people are unexpectedly placed into the role of having to determine how to manage a loved one’s estate. Our team is here to assist you through this difficult time.
Step 1: Take Care of Funeral and Burial or Cremation Services
If your family member executed a last will and testament, this document should be immediately located to find out what kind of funeral and burial services (if any) were specified. The will may include what is known as a Directive to Remains or similar instructions concerning whether a funeral service and/or burial or cremation were requested. Some individuals wish to donate their bodies to science as well, so check with the will.
If no estate plan was created, then discuss with your family how best to proceed. Keep in mind that the law allows a select few individuals to ultimately decide how to dispense with the body, starting with the surviving spouse and moving down the line to others as needed such as adult children, parents, and siblings. Speak with a funeral home to guide you through this step.
Step 2: Collect Other Important Documents
The last will and testament is just the first piece of financial and legal documentation you will need as you move forward. Other documents you should begin organizing include:
- Other estate planning records such as trusts and powers of attorney
- Retirement plan, pension, and annuity documents
- Personal and business tax returns
- Checking, savings, and other banking account statements
- Mortgage and credit card statements
- Deeds and property (real and personal) records
- Loan statements
- Life insurance policies
- Bills, including for utilities
- Any court judgments concerning money owed to or by the decedent
These and other documents will be crucial for probating the estate. To find them, start by checking the decedent’s personal papers which may be found in a desk, safe, or a safe deposit box at the bank.
Step 3: Contact the Personal Representative and Any Trustees
Determine who the personal representative (also known as the executor) of the estate is, along with any trustees. Perhaps one of these is you and this is the first time you are learning about it. Regardless, these individuals are responsible for handling the estate and trust to ensure that the decedent’s assets and trust funds are properly distributed and managed.
One of the first things the personal representative must do is secure the decedent’s property to ensure it isn’t stolen or lost. Real property should be locked and regularly visited to check for burglary or vandalism. Valuable items like jewelry and art work should be located and stored in a safe place. The personal representative should then move on to probating the estate while the trustee begins administering the trust, which leads to the last step.
Step 4: Contact an Experienced Estate Planning Attorney
Settling the decedent’s estate is a complex and time-consuming process that typically involves probate court, creditors, and beneficiaries (among other parties). The personal representative and trustee are obligated by law to act as fiduciaries, which means putting the interests of the estate and its beneficiaries before their own. There are also certain duties they need to handle as expeditiously as possible such as securing the property (mentioned above), obtaining the death certificates and other paperwork allowing them to access the decedent’s financial records, paying outstanding estate debts, and distributing estate assets.
There are many other steps between the loved one’s passing and closing the estate. You need experienced estate planning counsel to guide you and make sure all legal obligations are met as you work to carry out the decedent’s final wishes. Our team is ready to provide that service. Call LaFountain & Wollman P.C. to get started today.