It’s a day we all dread. The day when you are informed that someone you have loved has died. Once the shock dissipates, we are often left with a cold thought: what happens next? Here are four simple steps that you should do to help start managing your loved one’s final affairs:
Step 1: Find the Estate Planning Documents
There may be a will, or maybe a trust. There may be nothing at all. Regardless, it is going to be important to determine if there is some estate planning in place and what these documents state.
Step 2: Identify the Interested Parties
Generally, this will be people who would have inherited from the person who died if there was no will in place as well as any people named in the will. Some situations may require additional people as well. All of the interested parties will need to be made aware of the will and the probate action. The best place to start is listing family members of the person who has died.
Step 3: Gather the Mail, Especially the Bills
Eventually you will need to notify creditors of your loved one’s passing and may need to pay outstanding bills. An easy step to identify who creditors may be is to gather the mail of the decedent and see if there are bills identified.
Step 4: Determine Probate Strategy
Probate is a court process to transfer assets from the deceased to the living. Property can avoid probate if the owner established a way to transfer the property without the need for probate prior to their death. These non-probate transfers can include beneficiary status or joint ownership in property. Early on, a review of the property owned by the decedent is necessary to see if any non-probate transfers were established, and if so, how much property is subject to the probate process. Estates with a small amount of property subject to probate can use simpler procedures. Estates with a large amount of assets or conflict may require more formal procedures.
Following these steps can help you ease your transition into managing the affairs of a loved one. The assistance of an experienced probate attorney can help ease your burden with these steps and the remainder of the final responsibilities of the deceased and take care of your family and friends moving forward.