Let’s get started: Estate Administration

Some things to think about after someone has died

Broadly, getting ready to ADMINISTER AN ESTATE, AS A SUCCESSOR TRUSTEE OR AS A PR/ fulfill the responsibilities of the Personal Representative and administer the estate of someone that has died includes two sets of responsibilities:

First, collecting information about estate plan documents, people and organizations named as beneficiaries,  assets, and any debts or liabilities, and second, taking care of paying expenses, making distributions, and the like.

Documents

  • Did Aunt Lena have a Trust? Did she leave a Will? Did she name beneficiaries on her financial accounts? Did she file a Transfer on Death Deed for her home? Collect the documents.

People

  • Who are the beneficiaries of the Estate, the people or organizations that are to receive something from the estate?

  • What are their names, addresses, and contact information?

  • Who are the heirs of the estate, the people related to the person who has died?

  • What are their names, addresses, and contact information?

Assets

  • What assets make up the estate? Assets include real estate, bank accounts, investment accounts, stocks, bonds, annuities, retirement plans, pensions, vehicles, personal property like jewelry, collections, and furniture.

  • Are there any debts or liabilities? If so, collect information about the debt.

Second, after collecting information about her estate plan, her assets (and any debts), and determining her beneficiaries, it’s time to determine how to best administer the estate. Now it may be time to call a lawyer. We would love to tell you exactly what to do now, but, as you might imagine, we need to talk with you first. Call us. Email us. We are here to help.