The Dying Season

In our experience, it seems that many elderly parents pass away in January or February every year. Our Law Firm typically experiences a surge of telephone calls from adult children during those months requesting appointments. Most of the time the parent had a living trust, and the adult children are unclear about what to do.
It is best to seek the advice of a lawyer when there is a death – BEFORE taking any action. Here are a few things to keep in mind:
Who is “in charge”? The Trustee may be someone other than you think.
Carefully consider how many death certificates are needed. Many institutions inspect the original and return it to you.
Don’t immediately notify banks of the death. There is a process which you must follow. If you act too early and improperly, you will have accounts unnecessarily frozen.
There are certain “notice” requirements for beneficiaries which must be followed.
Handle things by mail when possible – NOT telephone calls. Mail provides a written record of what was requested, and you will not be on hold for hours.
There is a difference between Trust Assets and NON-Trust Assets – they are handled differently.
Do not put trust assets in your name when they should remain in the trust. Do not co-mingle funds with your funds. If at all possible, DO NOT pay for expenses and bills with your credit card. Again, there is a process you must follow.
There are many other rules and requirements when winding up a loved one’s estate. It is best to understand your responsibilities and the process. Mistakes can be costly to fix – and some mistakes cannot be undone.
For an appointment, please contact the McNamara Law Firm at (661) 287-3260, or visit www.theMcNamaraLawFirm.com.