Guidelines on How to Avoid Estate Loss After the Death of Parents
About 2. 4 funerals are organized every year in US. When the parents die one person is likely to be the executor of the estates. This may mean that your parents had confidence with your ability to manage the properties but at the same time you will find it overwhelming if you will taking care of the loans the parents left behind. You need to relax a bit by taking a deep breath before you do anything about it.
The things that you need to in case your parents die and you are left as the executor. The responsibility of the executor is to settle down any possible mortgage before the property is given to the listed heirs. The executor can take the will to the court for the probate process. Nonetheless, it would be advisable to take the will for probation if the heirs don’t agree on the distribution. In the court, the executor will have to file papers demonstrating that the will is legal.
Ensure you have all the legal documents with you. As an executor you will need to know where the will have been kept. It’s possible that the will was filed with a lawyer or filed in together with other fatal documents. The authority must let you know when you can start the process of executing the estates whether with a will or without. The pronouncement of death must be done also by the medical professional for you to be free to do your job. Additionally, you have to confirm the death to the mortgage and insurance companies with a death certificate copy and also the credit cards providers. Make sure you also acquire all the necessary documents that will aid in the execution process.
Hire some Help. In every field, you should make sure that you have the support of the experts to avoid mistakes that will haunt you at the end.
Stop payments. Its good that you inform any company that might be charging the deceased about the death of the person it is Credit Company, mortgage banks and any other. 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. Note down every company or individual that may be owing to the deceased for payment. The sale of some property can help to pay these debts.
Consolidate the assets. Make sure that you make it easy for your accountability by opening a different bank account for paying the bills.
Ensure there is continuity in your communication after distributing the assets. This should be done according to the will and the beneficiaries should be aware of the strategy of distributing. File an estate closing petition with the court of law.