Your Parent Didn’t Have A Will: What Should You Do Now?

People regularly believe that if they do not have a hefty amount in savings or lofty assets, there is no need for a will. They may think passing along their possessions as a simple task. But this is not always the case, and when a parent passes away without a will, there are certain steps to take to make sure their assets are not wasted.

• Make a diligent search for a will.
  • They may not have told you that they went to see an attorney and actually had one filed away. Another possibility is that they had an old one that was no longer sufficient.
• Check to see if they had a safe deposit box.
  • A will may be in their safe deposit box, and they may have named you as their signatory. If not you may have to wait until the probate process.
• Gather a list of their assets, financial records and tax returns.
  • Statements up to the actual date of death will be important in the probate process for correct valuations of the parent’s assets. Other accounts may established ownership as well as a payable on debt (POD) person listed, which will avoid probate.
• Make an appointment with an attorney.
  • The attorney will review the documents you have compiled and advise you on your next steps. If all assets had a listed beneficiary or were owned with a surviving owner, probate will not be necessary.

See Christine Fletcher, Your Parent Didn’t Have A Will: What Should You Do Now?, Forbes, June 4, 2018.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.