Steps to Take After a Loved-One Passes
Immediately Post-Death
- Make funeral arrangements
- Write and publish an obituary
- Find the important paperwork: original will/trust and any codicils or amendments, deeds, titles, life insurance policies, stock certificates, account statements, etc.
- Contact the deceased’s professional advisors: attorney, financial advisor, trustee, etc.
- File the original will (and codicils, if any) with the probate court
- Collect unpaid bills and update mailing address/contact person for future bills
Shortly After (0-9 months)
- Shortly After (0-9 months)
- Make a list of all assets and debts
- Notify the heirs, beneficiaries and creditors
- Claim any income owed to the deceased
- Potentially liquidate accounts and/or sell assets
- Pay off any debts the deceased owed
- Have an accountant file the estate tax returns
- Prepare an accounting of all assets and debts to file with the court
Final Tasks (9 months+)
- Fund any sub-trusts created by the original will or trust
- Obtain tax id information from each beneficiary
- Distribute assets or shares to each beneficiary as specified in the document
- Have an accountant file the final income tax return
- Consider your own estate plan and whether you need to update it