The estate administration process can be overwhelming and complex if you recently lost a loved one. However, there is some basic information about estate administration that can be beneficial to understand before and during your involvement in the process.
What does estate administration include? The estate of the deceased person will need to go through the probate process to collect and pay any debts and taxes that are owed. Any remaining assets will then be distributed according to the estate plan. If there is no estate plan, then the state will be in charge of determining how assets are distributed.
To help your loved ones with the estate administration process, it is important to have a will that names an executor to handle estate administration issues. Another thing to consider is keeping important documents for your survivors to find after you pass away. Important documents can include a list of passwords to gain access to your financial accounts as well as having copies of other important documents like the deed to your home or motor vehicle titles.
Estate administration will include filing a federal estate tax return even if no taxes are owed. In most cases, this tax return is due within nine months after the death of the person.
Estate plans can allow for assets to be transferred automatically to survivors, and estate plans with trust funds and elderly financial planning can make life much easier for your loved ones in the future.
Proper planning can ease the burden and stress associated with the estate administration process. Individuals should consult with an estate planning attorney to discuss their specific needs to make sure everything is in order before it's too late.