When the parents die, it can never be a good time for the children. During such times, the children go through a lot of pain. When someone dies, their estate is taken to the probate court, so that the assets can get legally transferred to the beneficiaries. Also, the debts of the parents are paid using the estate money. At the same time, the family members have to prepare for the funeral and manage their parent’s estate if they are the executor of the estate. It is tough to manage everything when you are mourning the dead. Therefore, it would be best to hire a probate attorney near me 11709 to take care of all legal proceedings. They will make sure to take care of all the assets and liabilities.
1. Obtain The Death Certificate
When you manage your parent’s estate, the first thing you need to do is obtain the death certificate. The death certificate is the most crucial document which you will need to deal with everything. You will need it when you notify the life insurance company, banks, the Social Security Administration, investment firms, and the probate court. Therefore, it is always recommended to get multiple copies of the death certificate.
2. Find The Will And Present It In The Probate Court With Probate Attorney Near Me 11709
Your next job is to find the will of your parents. To make the will valid, you will have to present the will in the probate court. You are required to inform the probate court a few days after the death. If you can find the living trust instead of the will, you can avoid going to the probate court. Any assets in the trust get directly transferred to the beneficiaries without ever going through the probate court. Dealing with the estate can be complicated, hence consult with a probate attorney near me 11709.
3. Hire Probate Attorney Near Me 11709 To Locate, Protect And Appraise All Assets
When you locate the will and present it to the court, your next step is to locate and protect your parent’s assets. The assets will form your parent’s estate, which you need to manage. Sometimes you might not even know what assets your parents have left. And you might not know where to look for the assets. It is your utmost responsibility to find all the assets
Once you have located all the assets, you need to get it appraised to the date of death. The value of the estate will determine if you need to pay any estate tax. A lot of complications may arise when we deal with appraising the assets. At this time, it would be best to hire a probate attorney near me 11709. With their expertise and experience, they will easily track all the assets.
4. Hire Probate Attorney Near Me 11709 To Pay Off All Debts
It would be best if you didn’t use any of your parent’s assets until the whole probate process is over as these assets are utilized to pay off all the debts, including funeral cost, loans, mortgages, and other bills.
When you notify all the creditors, everyone will want to claim the estate to clear the debts. As an executor of the estate, it is vital to identify which of these claims are valid and not. You only need to pay valid claims. Also, remember that you do not have to pay a single money out of your pocket. All the debts will be paid from the deceased estate. If you feel like any of the creditors is applying pressure on you, it would be best to hire a probate attorney near me 11709.
5. Hire Probate Attorney Near Me 11709 To Pay The Taxes
When you are done with dealing with all the debts and creditors, it is time to calculate the required estate tax. This process can be very complicated as different states have different laws regarding estate tax. Therefore, please consult with a probate attorney near me 11709.
Along with the estate tax, you will also have to take care of your parent’s income tax for their last financial year. You need to pay all the tax before closing the estate.
6. Close The Estate
Once you have paid off all the valid debts, it is time to distribute all the remaining assets to their rightful owners. As an executor, you have to approach the court to get the authority to transfer the remaining assets. When you complete all the processes, you can close the estate.