What you do after a loved one dies depends partially on his or her estate planning.
I am sorry your loved one has passed away.
Nothing can ever fully prepare us emotionally.
Unfortunately, the death of a loved one means more than grieving.
According to the WXYZ Detroit recent article titled “Tips you need to know to take a loved one's estate through probate,” you may have several responsibilities to take up as well.
So what should you do?
Was there a Last Will and Testament?
You will either need to administer the estate formally or informally.
Note to file: The availability of a validly executed Last Will can greatly simply the process.
The Probate Court may (or may not) advise you on the best approach for your circumstances.
Act quickly.
A Last Will must be duly filed with the Probate Court within six month in Kansas and within one year in Missouri.
Fail to meet this deadline ... and the Last Will is a legal no-go.
Think twice before publishing an obituary.
Why?
Not all people are honorable.
Surprise.
Obituaries are used by those with no conscience to steal identities, make money, open estates or rob houses.
Another way to protect against identity theft is to notify credit bureaus of the passing of your loved one.
Obtain the death certificate.
You will need an original certificate issued by the Department of Vital Statistics. Better yet, order at least a dozen through the funeral home.
Review titles on assets.
How an asset is titled controls how it is processed after death.
Jointly owned assets skip probate and pass directly to the surviving party.
Real Estate not under joint tenancy will need to be probated.
If the title is only in the name of the deceased, it will pass through probate.
Some assets like insurance policies, IRAs, payable on death (POD) bank accounts and even real estate with a beneficiary deed will pass directly to the named beneficiary in Kansas and Missouri.
However, if these assets have no beneficiary designated, they will also be included in probate.
Inventory assets.
Although all assets do not have to be located to open an estates, you should begin identifying them and calculating their values.
Why?
So you will know whether you will need a small or full probate proceeding.
In fact, both Kansas and Missouri provide for a Small Estate Affidavit to be used to avoid probate when all non-real estate assets subject to probate total below $40,000.
All assets must be added before the estate is closed.
Read the Last Will.
Assuming there is a Last Will, you will need to know who was named to administer the estate.
You will want to see what each heir is to receive.
Once you do this, contact those named in the Last Will and those who will inherit according to the law.
What if there is no Last Will?
Discuss among and decide with your family members who should open and manage the estate as the personal representative.
That party will need to sign the appropriate court forms.
When you pay the fees to open the estate, you will receive a letter giving you the authority to speak on behalf of the estate.
These are known as Letters Testamentary.
Also, as the personal representative, you can charge for the work you do.
Contact an experienced estate planning attorney.
He or she will be able to either handle the estate or advise you each step of the way.
He or she can also prepare and submit any necessary forms.
Whether you or the attorney manages the estate will depend on your budget and your workload.
Publish a notice for creditors.
This should be done after the estate is opened.
Creditors have four months to make claims.
How should you notify creditors?
The Probate Court will direct that public notice is published in the "legal notice" section of a local newspaper.
If required, submit a copy of the death certificate as well.
Make arrangements for the home.
If your loved one owned a home, you can sell it with permission of the court.
Be sure to maintain the home and contact the utility providers.
Close the estate.
You can close the estate after valid claims have been paid and assets have been distributed to the appropriate heirs.
If this list overwhelms you, do not fret.
An experienced estate planning attorney can be your best advocate and make sure all goes according to Hoyle.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: WXYZ Detroit (November 18, 2016) “Tips you need to know to take a loved one's estate through probate”
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