SETTLING AN ESTATE
- David Dulaney
- May 4, 2022
- 3 min read
THE FULFILLMENT OF A LEGACY
The settling of an estate is essentially the administrative process of settling someone’s financial affairs after he or she is deceased. Settling an estate will vary based on the state laws where the person was a resident at the time of his or her death. It will also vary based on where the property was owned and whether there was a will. At a high level, the person who settles an estate will:
• Appoint and empower fiduciaries to represent the estate in proceedings and confirm the decedent’s distribution plan.
• Solicit and pay claims, fees and taxes of the estate.
• Collect, administer and distribute estate property.
• Confirm paperwork demonstrating closure of the decedent’s financial history
How complicated it is it? It depends.
The process can be simple or complicated. Some actions may not be needed based on the estate’s size, makeup, and complexity. The local probate court may be involved on a minimal or supervisory basis — or may not be involved at all — depending on the nature of the estate and the laws of the states where the decedent’s estate property exists.
Settling an estate starts with finding and collecting information
about the decedent and their estate.
SORTING IT OUT
You first will want to start with finding any estate planning documents the decedent had. These documents appoint someone to handle the estate and someone to care for the decedent’s minor or disabled dependents. Other documents will identify estate assets and where they are located. You will also need to identify the nature, extent, and location of the property that will become the decedent’s estate. This process can be exhausting. It helps to be organized and methodical. Below is a checklist to help you get organized.
A CHECKLIST TO HELP YOU GET ORGANIZED
Notify:
Immediate family and close friends
Coroner or funeral home
Attorney and fiduciary listed in estate plan documents
Employer, Social Security, Medicare and/or other income providers
Local Community Organizations
Military Service or Veterans Affairs
Locate:
Estate Plan Documents (e.g. wills and trusts)
Funeral and disposition wishes
Life insurance policies
Bank and/or credit union records
Investment documents
Assets documents (e.g. titles & deeds)
Business organizational documents
Death certificate*
Final Arrangements:
Arrange for a funeral home, cemetery, burial, or cremation, as appropriate
Plan final services, viewings, wakes, or memorials
Write and publish an obituary
Keep records of all payments for funeral and other expenses, as the estate is responsible for paying
Request Social Security benefits
Discover employer benefits if any
Investigate any Veteran’s burial allowance and other benefits
Notify insurance providers for home, auto, and personal property
Review credit cards, bank accounts, debts, and other installment payments – cancel or close as soon as possible to prevent ID theft
Arrange for trust allocations
Arrange for the final income tax return, estate return, or trust return to be timely filed
Notify any beneficiaries
*The funeral home typically submits the request for death certificates on the executor’s behalf. But you’ll have to decide how many you want to receive from the Texas Department of State Health Services. You’ll want multiple copies to cover insurance policies and other required notifications. To request a death certificate, you’ll need a copy of the deceased’s Social Security card, his or her parent’s names, mother’s maiden name, surviving spouse’s name, burial location, occupation at the time of death, and most recent address.
WE CAN HELP
As a fiduciary, you are legally responsible for the estate and to the beneficiaries of the estate. It can be an exhausting burden. But you do not have to act alone in your duties. You can appoint agents to help carry your burden. We have extensive experience in administering estates and trusts. Let us help carry your burden.
469-730-6090
David@LegacyLifeServicesLLC.com
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