The death of a loved one can be one of the most difficult occurrences to deal with in life. Many people are unaware of the numerous legal and financial steps that must be taken following a death. The following paragraphs illustrate a small sampling of what is involved in this administration process.
Decisions and arrangements for funeral services and other burial matters must be made immediately. With this in mind, it is important to look for possible prepaid burial contracts or instructions. If the deceased person (decedent) was receiving employer or retirement benefits, then these entities may need to be notified following death.
Important documents must also be located. These documents can include deeds, asset statements, safe deposit box information, life insurance policies and other information pertaining to the decedent’s assets.
Did the decedent have a Will or a Trust? Is a probate necessary? Administration of the decedent’s estate will depend upon a multitude of factors. Even with a Trust in place, court intervention may be necessary.
Distribution of a Trust can sometimes be difficult or delayed if the Trust language was inadequate or if the Trust was not properly funded. Therefore, detailed analysis of the decedent’s assets is critical to ensure that his or her wishes are followed.
In addition, if there is a surviving spouse, special attention must be taken with regard to real estate deeds and other assets. Living trusts prepared for married couples often require certain actions after the death of the first spouse for taxes and other purposes.
There are many time restrictions and potential tax issues relating to administration of a decedent’s estate. Therefore, it is critical to receive sound legal advice when dealing with a death to ensure that all legal and financial matters are handled correctly and in a timely manner.
For more information, please call the Law Office of Jane M. McNamara at 661-287-3260 or www.JaneMcNamara.com.