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--- legal_affairs [2024/06/23 22:18] – davidhud
+++ legal_affairs [2024/10/11 20:31] (current) – bogmire
@@ Line 1: / Line 1: @@
-Estate and Personal Affairs
+====== Estate and Personal Affairs ======
-When my dad passed away I didn’t know where to start. He owned a house, ran his own business, and had a checking account that I was now responsible for. Additionally there were monthly bills coming to the house, as well as an open loan that I discovered he had still been in the process of paying off.
-The stress and confusion of dealing with these items only compounded on the shock and grief that are to be expected when dealing with the death of a parent.
+Recommended steps to ensure you are properly prepared to manage the affairs of your loved one's estate.
-From initial research I determined that my first priority was to find out if he had a will or a trust, as this would provide me with valuable legal authority to begin managing items on behalf of his estate. I spent hours looking through files and realized that he unfortunately had neither.
+===== 1. Notify Family and Friends =====
-Ultimately I was connected to an estate attorney who I worked with to navigate the many legal complications involved with taking over responsibility for my dad’s estate.
+===== 2. Obtain a Death Certificate =====
-The information in this section is intended to help organize the considerations and learnings that I had from going through this process.
-===== Initial Steps to take after a Parent's Passing =====
-=== 1. Obtain a Death Certificate ===
 A hospital or nursing facility will most likely help coordinate the death certificate, but if not here is a helpful resource: [[https://getcarefull.com/articles/how-to-get-a-death-certificate|How to get a death certificate in the US, by state]]
@@ Line 18: / Line 11: @@
 It is normally necessary to request several copies, as a death certificate will be required by many institutions that you will need to work with, such as banks, utilities, etc.
-=== 2. Notify Family and Friends ===
+===== 3. Determine if your parent had a Trust or Will =====
-=== 3. Determine if your parent had a Trust or Will ===
+This will allow you to initiate the probate process - See FAQs //What is Probate//
-This will allow you to initiate the probate process - What is Probate
 If your parent had a trust, you won’t have to go through probate. Contact an estate attorney to discuss what steps to take.
@@ Line 31: / Line 22: @@
-=== 4. Find An Estate Attorney (optional but recommended) ===
+===== 4. Find an Estate Attorney (optional, recommended) =====
 An Estate Attorney will help you navigate the probate process, which is often complicated and includes court filings and court appearances
-Estate attorneys are generally paid at the end of the probate process from the estate. For more information please see – Can I afford an Estate Attorney
+Estate attorneys are generally paid at the end of the probate process from the estate. For more information please see FAQs: //Can I afford an Estate Attorney//
-Link – Find an Estate Attorney
-=== 5. Notify Financial Institutions ===
+Link –  [[https://www.google.com/search?q=estate+attorney+near+me|Find an Estate Attorney]]
+===== 5. Notify Financial Institutions =====
 You will need to contact your parent’s bank, pension provider, credit card companies, loan providers and any other financial institutions to notify them of your parent’s death.
@@ Line 46: / Line 38: @@
 Having physical and digital copies of the death certificate will be necessary
-=== 6. Cancel Unnecessary Utilities And Services ===
+===== 6. Cancel Unnecessary Utilities and Services =====
 Do your best to collect and organize your parent’s mail to get a sense of all services for which they are receiving bills.
@@ Line 61: / Line 53: @@
       * Consider deactivating your parent’s email and social media accounts to prevent identity theft. Some social media sites such as Facebook [[https://www.facebook.com/help/103897939701143/|allow an account to be memorialized]] so that friends and family can share memories about the person who has died.
-=== 7. File A Tax Return ===
+===== 7. File a Final Tax Return =====
 A final tax return will need to be filed on behalf of your parent to cover any taxes that are owed.
@@ Line 70: / Line 62: @@
 An estate attorney or accountant is recommended to assist with this process
+----
 ===== FAQs =====
-===What is Probate?==-
+===What is Probate?===
+Probate is the legal process for reviewing the assets of a deceased person and determining inheritors. Assets can include bank accounts, real estate and financial investments.
+When a deceased person's estate goes through the probate process, their assets are reviewed by a probate court. This court provides the final ruling on the division and distribution of assets to beneficiaries.
 ===Can I afford an Estate Attorney?===
@@ Line 85: / Line 84: @@
 ===What is the difference between a Trust and a Will===
-A trust and a will are both estate planning tools, but they serve different purposes and operate in different ways:
+Trusts and Wills are both estate planning tools, but they serve different purposes and operate in different ways:
-**Wills**: A will goes into effect only after you die, and it must go through the probate process, during which a court oversees the distribution of assets and ensures that your wishes are carried out. A will is a legal document that outlines your wishes regarding the distribution of your assets after you pass away. It allows individuals to designate beneficiaries of their property, name guardians for minor children, and appoint an executor to carry out their wishes.
+  * **Wills**: A will goes into effect only after you die, and it must go through the probate process, during which a court oversees the distribution of assets and ensures that your wishes are carried out. A will is a legal document that outlines your wishes regarding the distribution of your assets after you pass away. It allows individuals to designate beneficiaries of their property, name guardians for minor children, and appoint an executor to carry out their wishes.
-**Trusts**: A major benefit of a trust is that it allows the estate to avoid going through the costly probate process. It also can be in effect prior to someone’s death, unlike a will. A trust is a legal arrangement in which a trustee holds and manages assets on behalf of beneficiaries according to the terms specified in the trust document. The advantage of a trust is that it will allow an estate to bypass the probate process. Trusts can be used to manage assets, avoid probate, minimize estate taxes, provide for beneficiaries with special needs, and control the distribution of assets over time.
+  * **Trusts**: A major benefit of a trust is that it allows the estate to avoid going through the costly probate process. It also can be in effect prior to someone’s death, unlike a will. A trust is a legal arrangement in which a trustee holds and manages assets on behalf of beneficiaries according to the terms specified in the trust document. The advantage of a trust is that it will allow an estate to bypass the probate process. Trusts can be used to manage assets, avoid probate, minimize estate taxes, provide for beneficiaries with special needs, and control the distribution of assets over time.
 ===What if my parent was in debt at the time of their passing?===
 If your parent dies with debt, the debts will be settled during the probate process. Any assets or property your parent had will be used to pay off debts before any money can be passed on to heirs. Learn more about what to do if your parent dies with debt.
+~~DISCUSSION~~