Generally, the only silver lining associated with the death of a loved one is the passage of their estate to beneficiaries. But starting the process to distribute the decedent’s assets is not always easy. Banks dislike the liability associated with transferring money from one account to another, creditors recognize this as a last opportunity to collect debts, thieves lurk in the shadows waiting to take advantage of grieving loved ones, and disbursed family members must be brought together. If you are named as the executor in a will, there are five steps you should take immediately to ensure named beneficiaries receive as much of the estate as possible: 1) make sure you gain access to documents and the home, 2) freeze all financial accounts, 3) learn about the decedent’s taxes and financial statements, 4) interview and possibly hire an accountant and an attorney, and 5) make sure all the family members and beneficiaries are on the same page.
See Danial A. Timins, Esq., CFP®, 5 Things to Do the Moment a Loved One Passes Away, Kiplinger, April 17, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
