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| legal_affairs [2024/06/23 22:27] – davidhud | legal_affairs [2024/10/11 20:31] (current) – bogmire | ||
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| - | 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 |
| - | 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 |
| - | 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 |
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| - | 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' | + | |
| - | + | ||
| - | === 1. Obtain a Death Certificate === | + | |
| A hospital or nursing facility will most likely help coordinate the death certificate, | A hospital or nursing facility will most likely help coordinate the death certificate, | ||
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| 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. | 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 - What is Probate | + | This will allow you to initiate the probate process - See FAQs //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. | If your parent had a trust, you won’t have to go through probate. Contact an estate attorney to discuss what steps to take. | ||
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| - | === 4. Find An Estate Attorney (optional | + | ===== 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 | 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:// |
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| + | ===== 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. | 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. | ||
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| Having physical and digital copies of the death certificate will be necessary | Having physical and digital copies of the death certificate will be necessary | ||
| - | === 6. Cancel Unnecessary Utilities | + | ===== 6. Cancel Unnecessary Utilities |
| Do your best to collect and organize your parent’s mail to get a sense of all services for which they are receiving bills. | Do your best to collect and organize your parent’s mail to get a sense of all services for which they are receiving bills. | ||
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| * Consider deactivating your parent’s email and social media accounts to prevent identity theft. Some social media sites such as Facebook [[https:// | * Consider deactivating your parent’s email and social media accounts to prevent identity theft. Some social media sites such as Facebook [[https:// | ||
| - | === 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. | A final tax return will need to be filed on behalf of your parent to cover any taxes that are owed. | ||
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| ===What if my parent was in debt at the time of their passing?=== | ===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. | 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. | ||
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| + | ~~DISCUSSION~~ | ||