Settlement of an Estate

In addition to working through estate planning considerations and decisions, and drafting documents such as wills and trust instruments, the estate planning process also includes the actual settling of the estate. Here are some of the steps included in the settlement process that puts the plans into action:

• All assets in the deceased person’s home are collected and cataloged
• The collected items are appraised
• Funeral arrangements are made
• The surviving pets are placed in a new home
• The bills of a surviving spouse have to be paid
• Will and trust beneficiaries are notified
• The will if filed with the probate court
• Creditors make claims and are paid
• Estate tax returns are filed if needed
• Assets are distributed to the indicated beneficiaries
• A closing letter is received from the IRS
• The estate is officially closed

See Braden Lammers, What’s an Estate Settlement Officer Do, Business First, Sept. 8, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.