Anyone who’s ever been named the executor or estate trustee for a friend or loved one knows what a confusing world it can be. Even with my legal training, when I found myself in the role, it was almost overwhelming simply trying to figure out where to start. Getting started was important, because finding something productive and helpful to do eased the feelings of helplessness at the loss. With that in mind, my associate, Adam Veroni, has written a helpful guide to help estate trustees get the process started:
A Quick Guide for the Personal Representative of a Deceased
The estate trustee generally has the following duties:
- Make funeral arrangements
- Ascertain the beneficiaries listed under the will or under law
- Locate and maintain assets and prepare an inventory of the estate
- Determine all debts owed by or to the estate
- Apply for the Certificate of Estate Trustee (the application varies depending on whether or not there is a will)
- Prepare the information returns required for the payment of Estate Administration Tax
- Settle claims by and for the estate
- Maintain or close accounts for the estate
- File tax returns and pay any taxes owing
- Pay all debts and liabilities out of the estate
- Distribute and pay assets to the beneficiaries
- Prepare and finalize all estate accounting and records
The above checklist is for general reference. Different steps may be required depending on whether the deceased left a will.
Read the full article here:
https://adamveronilawblog.wordpress.com/2018/02/28/a-quick-guide-for-the-personal-representative-of-a-deceased/
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