Guidelines on How to Avoid Estate Loss After the Death of Parents
In US 2.4 people are buried every year. This means that there is a shift of ownership of property in case death happens to parents. This may mean that your parents had confidence with your ability to manage the properties but at the same time you will find it overwhelming if you will taking care of the loans the parents left behind. A time like this any haste to planning and conclusion do more harm than good.
The things that you need to in case your parents die and you are left as the executor. An executor is supposed to make sure that in case there is any financial burden that is existing it has been paid before the sharing of the property commences. The executor can take the will to the court for the probate process. Nonetheless, it would be advisable to take the will for probation if the heirs don’t agree on the distribution. In the court, the executor will have to file papers demonstrating that the will is legal.
Ensure you have all the legal documents with you. As an executor you will need to know where the will have been kept. You look for the will in the well-kept files or maybe you find it with a lawyer. If you have been assigned as the executor of the deceased person you will in one way or another be notified when to start the business. The pronouncement of death must be done also by the medical professional for you to be free to do your job. Also you need to make sure that you have the death certificate and its copies so that you can give to the insurance, credit cards, mortgage companies for the death approval. If there is anything that you need to be in possession for the deceased make sure you do so to make your work easier like the vehicle registration, credit card statements, and the social security card.
Look up for expert assistance. It’s necessary that you hire a professional of specific areas like a financial consultant, insurance agent and an estate lawyer.
End the payments. A reports should be given to the companies that were carrying on with the charges for the deceased. It’s your responsibility to make sure that in case of any other concerned company is aware so as to decline the charges where possible.
Pay off the debts. Note down every company or individual that may be owing to the deceased for payment. The sale of some property can help to pay these debts.
Combine the assets. Make sure that you make it easy for your accountability by opening a different bank account for paying the bills.
Distribute assets and maintain health communication. This should be done according to the will and the beneficiaries should be aware of the strategy of distributing. File an estate closing petition with the court of law.