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Step by Step Guide to Settling an Estate


Step by Step Guide to Settling an Estate

A strong team of trusted advisors, including a probate attorney and CPA, will be invaluable to help as you begin the process of settling the estate of a loved one. A recent article in The Montgomery Advertiser, “Checklist for settling an estate,” notes that the process is likely to take about a year.

Here’s an idea of what happens at critical intervals of the process. This list can be a key estate-planning tool because how you handle the estate, financial, and funeral arrangements can significantly reduce the stress on family members. This list is helpful for survivors as well as for those who are preparing for their future. Work through this list and discuss it with your personal representative or trustee while you’re in good health. If you make changes, let your personal representative or trustee know.#EstatePlanningTeam

Collect key documents. A personal representative must locate, identify, and organize a deceased person’s financial records, tax returns, and other important documents to see what he or she owned or controlled. Having all that summarized in one place is a huge help. After a loved one passes away, you should contact their estate planning attorney, CPA, and financial advisors.

Pick up the phone. The personal representative should inform key contacts that the person has died. This should include the Social Security Administration, if the deceased was receiving benefits; the Veterans Administration, if he or she was a qualified veteran for burial benefits; his or her employer; insurance companies; banks and credit unions; the mortgage company; and credit card companies for possible death benefits. Creditors will probably request a copy of the death certificate, so be sure to have enough copies.

File the will for probate. If you have the will, the personal representative named in the will should be notified. In Florida, the custodian of the will is supposed to file it within 10 days of being notified that the person has passed away. A decision needs to be made about filing the will for probate. Probate the will if there’s property in the name of the decedent that needs to be transferred. Anything in joint names with a surviving spouse or surviving children doesn’t pass under the will.

Get a probate attorney. The personal representative can elect to work with an experienced probate attorney, which is a good idea. If there’s no will and no trust, the property owned by the deceased will pass to the "intestate" heirs, which is determined by state law. In that scenario, one or more of those heirs will need to file a petition for administration in order to sell or transfer the decedent's property. Daniel T. Fleischer specializes in probate throughout the state of Florida.

Pay bills. The personal representative should make sure that the deceased’s bills and other debts continue to be paid, but there are exceptions to this that should be discussed with you probate attorney.

Pay the taxes. Ask a qualified probate attorney for advice. The personal representative should be certain there’s a final income tax return filed on behalf of the deceased, and may need to file income tax returns and an estate tax return.

Distribute the assets. Work with the probate attorney to distribute assets. Once all of the assets are distributed, then the estate can be truly closed by your probate attorney.

Don’t be surprised if after the estate is closed, a few pieces of mail or unexpected bills arrive. Speak with your probate attorney, who will be able to guide you in resolving these final last bits of the estate.

Did someone you know pass away in Florida? Laws are constantly changing-- speak with a qualified probate attorney to help you navigate through the probate process? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: Montgomery Advertiser (January 4, 2017) “Checklist for settling an estate”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.