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assets [2024/06/05 15:39] – created bogmireassets [2024/10/11 20:31] (current) – bogmire
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-Assets +====== Assets ====== 
-Managing my dad’s estate was complicated by the fact that he owned multiple assets that required attention. This included his house, his small business, his car, and his checking account. +Managing a parent's estate can be complicated by many factors, including the items and assets that they own. They may have owned property, ran a business, have open loans and other bills to pay.
  
-He was also an avid motorsports enthusiast and owned multiple motorcycles. All of this, including the business and the motorcycles, were now my responsibility and I felt overwhelmed with trying to determine what to do next.  +Similar to approaching a  [[home_cleanout|Home Cleanout]], it can be helpful to make a plan for dealing with a parent’s assets by breaking things down into smaller, more manageable tasks. This plan includes the following steps: 
  
-Similar to approaching a home cleanout, it is helpful to try and make a plan for managing a parent’s assets by breaking things down into smaller, more manageable tasks.  +===== 1. Secure Your Parent’s Home =====
  
-CALL TO ACTION +It is important to ensure the property remains safe if there is no longer someone living there.  
-Step 1: Secure Your Parent’s Home + 
-It is important to ensure the property remains safe if no one is living there any longer +  * Ask a friend, family member or trusted neighbor to keep an eye on your parent’s house 
 +  * Consider installing a ring doorbell to help monitor any activity or people that come to the house 
 +  * Determine a plan to collect mail or set up mail forwarding to yourself or whomever will be managing your parent’s estate 
 +  * Arrange care for any pets your parent had 
 + 
 +===== 2. Take Inventory of Assets, Financial Accounts, and Bills =====
  
-Ask a friend, family member or trusted neighbor to keep an eye on your parent’s house 
-Consider installing a ring doorbell to help monitor any activity or people that come to the house 
-Determine a plan to collect mail or set up mail forwarding to yourself or whomever will be managing your parent’s estate 
-Arrange care for any pets your parent had 
-Step 2: Take Inventory Of Assets, Financial Accounts, And Bills 
 If you are the executor of your parent’s estate, you’ll likely need to take inventory of your parent’s assets for the probate process. Check your parent’s mail for account statements and search the house for deeds, property titles, business agreements and tax returns. If your parent had a financial advisor or accountant, that professional will likely know what assets your parent had. If you are the executor of your parent’s estate, you’ll likely need to take inventory of your parent’s assets for the probate process. Check your parent’s mail for account statements and search the house for deeds, property titles, business agreements and tax returns. If your parent had a financial advisor or accountant, that professional will likely know what assets your parent had.
  
-Paperwork to gather include +Paperwork to gather include: 
 +  * Utility Bills 
 +  * Bank Statements  
 +  * Retirement Account Statements 
 +  * Property Deeds or Titles  
 +  * Vehicle Certificate of Title, Registration
  
-Utility Bills +===== 3. Managing Bills & Payments =====
-Bank Statements  +
-Retirement Account Statements +
-Property Deeds or Titles  +
-Vehicle Certificate of Title, Registration +
-Step 3: Managing Bills & Payments+
 It is important to ensure that rent, utilities, mortgage payments, or other bills continue to be paid while you proceed through the probate process. It is important to ensure that rent, utilities, mortgage payments, or other bills continue to be paid while you proceed through the probate process.
  
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 If you do not have access to their accounts then you will still need to determine a way to pay any outstanding bills. If you do not have access to their accounts then you will still need to determine a way to pay any outstanding bills.
  
-Step 4: Create A Bank Account For The Estate+===== 4. Create a Bank Account for the Estate =====
 It is often necessary to create a bank account for the Estate of the deceased in order to properly receive payments due to your parent or to their estate. This is also important when it comes to filing a final tax return for your parent.  It is often necessary to create a bank account for the Estate of the deceased in order to properly receive payments due to your parent or to their estate. This is also important when it comes to filing a final tax return for your parent. 
  
 In order to create an account you will need to provide the death certificate as well as the proper legal documentation showing that you are the executor of the estate. In order to create an account you will need to provide the death certificate as well as the proper legal documentation showing that you are the executor of the estate.
  
-Step 5: Selling Assets+===== 5. Sell Assets =====
 As executor of your parent’s estate, you will also have authority to sell assets, as long as those assets are not intended to be distributed to other beneficiaries. As executor of your parent’s estate, you will also have authority to sell assets, as long as those assets are not intended to be distributed to other beneficiaries.
  
-If assets are still property of the estate, then the payment will be made to the Estate and should be deposited in the Estate bank account. +If assets are still property of the estate, then the payment should be made to the Estate and should be deposited in the Estate bank account. 
  
-Step 6: Distribution Of Assets+Please refer to the section covering [[estate_sale|Estate Sales]] for more information. 
 + 
 +===== 6. Distribution of Assets =====
 Once the probate process has closed, the court will formally distribute assets as designated by the will or determined by the probate process.  Once the probate process has closed, the court will formally distribute assets as designated by the will or determined by the probate process. 
  
 If you or a sibling are named the beneficiary on your parent’s retirement account, contact the company that administers the account to find out what steps you need to take to transfer the funds. However, you won’t be able to access funds from accounts or transfer property in your parent’s name only until granted access by the probate court. If you or a sibling are named the beneficiary on your parent’s retirement account, contact the company that administers the account to find out what steps you need to take to transfer the funds. However, you won’t be able to access funds from accounts or transfer property in your parent’s name only until granted access by the probate court.
 +
 +~~DISCUSSION~~