Things to Consider When the Parent Dies to Avoid the Loss of Estate
In US 2.4 people are buried every year. When the parents die one person is likely to be the executor of the estates. Although this might sound like a good thing as it shows trust by the parents, it is stressful if there are debts that you have to deal with. You need to relax a bit by taking a deep breath before you do anything about it.
What should you do if you are left as the Executor by the parents. 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. It’s not a must for executors to take the will for probation. Nevertheless, if the trustees have differences, there is a need to choose the court process of proving the will. The probate process is a way of ensuring that the will is lawful.
Have the right papers with. First you have to look for where the will is filed. You look for the will in the well-kept files or maybe you find it with a lawyer. You will always receive an alert to let you know that you can start the process whether there is a will or not. The pronouncement of death must be done also by the medical professional for you to be free to do your job. Ensure through you the insurance company, mortgage company and credit cards have the copies of the death certificate to prove the death of the person. 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.
Seek for help from professionals. Hiring a professional in every field such as estate lawyer, financial consultant and insurance agent will make you complete the assignment successfully.
Stop 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.
Settle all debts. It’s good to start with the payments of debts before you get to the distribution of the estates. If there is a debt, you can sell the house or the car to settle down the debts.
Merge the properties. Make sure that you make it easy for your accountability by opening a different bank account for paying the bills.
Share the estates and continue communicating. At the time some of the beneficiaries may feel unsatisfied with the distribution and you have to ensure you bring them on board so that they can be satisfied with the distribution. File an estate closing petition with the court of law.
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