We all have to go, sooner or later. And many of us choose to leave more than memories to loved ones. This is why making a will and specifying the heirs has become of the utmost importance. If you care about your spouse and children, make sure their future is secure long after you’re gone. Before receiving any money and access to the inheritance, the beneficiaries will have to wait for the probate process to be completed and the inheritance to be distributed. There are several steps to any typical sequence.
The first thing to do is make an inventory of the deceased’s assets and documents. Carefully locate and post the last will and testament, funeral instructions, and/or a revocable living trust. In addition, you should find documents pertinent to the decedent’s financial situation (bank and brokerage statements, stock and bond certificates, life insurance policies, corporate records, car and boat titles).
Also, check for any unpaid debts before accessing assets. Check utility bills, credit card bills, mortgages, personal loans, medical bills, and the funeral bill. The Personal Representative will have to decide which debts are legitimate and should be paid.
Next, obtain appointment as personal representative of the estate or accept appointment as successor trustee. It is important to determine who will handle the assets during the probate process. If an estate is needed, the probate court must appoint a personal representative. The determination of the executor is a delicate matter and the choice must be made taking into account numerous factors, including the wishes of the decedent and the eligibility of the representative.
After you name the executor (or personal representative), the hard part begins.
All fortune must be evaluated. Again, this is a very delicate and complicated process as it involves calculating the value of the assets at the date of death. As you can imagine, this has a profound impact when calculating money in foreign currency or property abroad. In addition, it is now determined whether the estate or trust will be subject to state estate taxes, state inheritance taxes, and/or federal estate taxes. The executor will then have to pay the final bills of the decedent and the administration expenses of the estate or trust.
In addition, the executor will also file all applicable estate tax returns and/or estate tax returns, the decedent’s final income tax return(s), and trust or trust income tax returns. initial and final succession. And he must do it as quickly as possible, to avoid penalties.
And the final step is to distribute the money and assets to the beneficiaries. After all debts and debts are paid, of course.
