Handling Estate Financial Issues

The death of a loved one is a stressful event. In addition to the emotional turmoil, survivors must deal with a number of financial and tax issues, some of them mundane and some quite complex. 

Here are some suggestions to help you through this difficult time.

* After a death, you should try to locate your relative's key legal and financial documents. If he or she had a will, notify the executor(s). In the case of a trust, contact the co-trustee or successor trustee. You should also notify anyone who holds a power of attorney.

* If you have been named as executor or trustee, you will probably need tax, financial, and legal advice. Therefore, one of your first calls should be to our office. You will also want to retain an attorney who is experienced in settling estates. This will often be the person who drafted the decedent's estate planning documents, but you are free to use anyone else you wish.

* If you relied on the deceased for financial support, make sure that you have enough money to cover your expenses for the next few weeks. If you have any doubts, give us a call.

* Once you have taken the preliminary steps above, you can generally put financial matters out of your mind for a few days. Soon, however, it will be necessary to send notifications to a number of parties including banks, brokers, lenders, and insurance companies. We can help you prepare a complete list.

* As executor or trustee, you may be required to oversee the probate of the decedent's estate, file a final income tax return, or file an estate tax return. If so, your next job is to gather all of the decedent's financial records. Working with your attorney, we can help identify the documents you need and make sense of them once they are located.

* Depending on the nature of the estate, it may be necessary to hire other experts, such as appraisers, investment advisors, and business valuation specialists. If these people are needed, it helps to get started as soon as possible. 

We can help, so when you need assistance in this area, give us a call. For more information on ways to plan ahead to reduce estate problems see:
   Estate planning: Will Congress make it unnecessary?

© Copyright 2001 Raymond S. Kulzick. All rights reserved. 010414.