Handling an estate after a loved one has died can be a complex and emotional process. An estate refers to all of the assets, property, and possessions that a person owned at the time of their death. If you have been named as the executor of the estate (the person responsible for settling the deceased person’s affairs), here are some steps you may need to take:
Locate and secure the will: The first step in handling an estate is to locate the deceased person’s will, if they had one. If a will can’t be found, it is important to determine whether the person died with a will or died “intestate” (without a will). This will determine how the estate will be administered.
Obtain a death certificate: You will need to obtain a certified copy of the deceased person’s death certificate to prove that they have died. This is required to start the process of settling the estate.
Identify and inventory the estate: You will need to identify and inventory all of the assets that the deceased person owned at the time of their death. This includes things like property, money, investments, personal possessions, and any other assets.
Pay any debts and taxes: Any debts that the deceased person had, such as mortgage debts, credit card debts, and loans, will need to be paid off before the estate can be distributed to the beneficiaries. You may also need to pay any outstanding taxes.
Distribute the estate: Once any debts and taxes have been paid, the remaining assets can be distributed according to the instructions in the will (if there is one) or according to the laws of intestacy (if there is no will).
Handling an estate can be a complex and time-consuming process, and it can be helpful to seek advice from a legal or financial professional to ensure that everything is done correctly. It is also important to approach the process with sensitivity and to consider the feelings and needs of the beneficiaries.