We recently discussed some emotions that come with the death of a loved one. Besides the emotional aspects of this loss, there are some other things that you will have to handle. One of these is your loved one’s estate plan the person had established. It isn’t always easy to do this when you are reeling from the death, but it is necessary. The estate plan is a carefully thought out set of instructions for what the person wants to have happen to their possessions.
There are two ways that estate plans might be handled. One of these is through the probate court process; however, there are some that might be eligible to bypass the probate process. The components of the plan will determine this. Trusts, for example, will be able to bypass probate since they are distributed in accordance with the instructions in the trusts.
When there is an estate, an administrator will oversee what goes on with it. Your loved one will have named their chosen person in the plan. If this is you, there are several duties that you need to be aware of. These must be taken seriously because errors with it might lead to the estate, and heirs, losing money or assets.
We realize that you might not feel adequately prepared to handle these duties. We are here to help you walk through the process. From trying to find the heirs and assets to paying off creditors and filing the final tax return, we can answer your questions. As you make decisions for the estate, think about how they might impact the remainder of the process and everyone in the future.