The death of a loved one is painful and can be complicated. As you mourn your loss, you must also make funeral arrangements that are difficult and draining. Add to these worries with your first meeting with a probate attorney, and you may feel overwhelmed. However, there are things you can do to help make things easier for both you and your attorney. By gathering some important documents before that meeting, you may provide the attorney with valuable information and you will get a much clearer idea of what will happen during the probate process. Here is a list of some of the documents to look for.
Certified Death Certificate – Upon your loved one's death, get 8-10 certified copies of the death certificate from the funeral home. This document confirms your loved one's death, as well as the date and place of their passing. The death certificate is necessary when dealing with such things as bank accounts and insurance providers, as well as transferring ownership of different assets and filing the decedent's final taxes. Bring at least one copy to the meeting.
The Original Will – You must have the original will. Photocopies are not accepted. Actions taken during the settling of the estate depend on the exact provisions stated in the will. The will names the executor of the estate, as well as all beneficiaries, assets, and how those assets will be distributed. Allowing the estate attorney to have a copy of the will as soon as possible helps them become familiar with the estate and helps the attorney determine which type of probate is needed.
Lists of Assets/Liabilities – Assets are items owned solely by the decedent before he or she passed away. These items must go through the probate process for valuation and to determine how they will be distributed. These items include:
- Real estate – These include land, homes, commercial buildings, rental properties, and personally held businesses or investments properties. Make a list, including the property address, ownership interest, whether it is sole, joint, or tenant-in common, and market value.
- Bank accounts – These include checking and savings accounts owned solely by the decedent with no named beneficiaries, joint accounts with no survivorship rights, and business accounts if the decedent was the sole proprietor. Make a list of the banks or other financial institutions where these accounts might be held.
- Personal property – This includes jewelry, artwork, collections, and home furnishing. Make a list of these items. Also make a list of personal items that may not have monetary value but may be of interest to family members or friends.
- Vehicles – List vehicles owned solely by the decedent before they passed. Record the make, model, and year of each one. Bring the original paper titles, if you can find them. Provide as many specific details as you can concerning cars, as well as trucks and motorcycles. Record the current mileage of each vehicle. This is required for odometer disclosure statements during the transfer process.
- Tenant-in-common assets – These assets are jointly owned by multiple people, and they do not include survivorship rights.
- Retirement savings information – Bring retirement account documents that will tell what kind of account it is, whether it is 401(k), 403(6).457, or IRA. Find out which employer or institution holds the account and any beneficiary information available.
- Life insurance account information – Bring a copy of the life insurance policy. It will reveal whether it is a term, whole, VUL, or group policy. It will also tell you the company providing the insurance.
Not all assets, however, must go through the probate process. Assets free from probate include:
- Property with a named beneficiary – If the decedent specifies in the will that certain items should pass specifically to an individual or group upon their death, that item may bypass probate. This may include anything from real estate to vehicles to items with sentimental value. Bank accounts, life insurance policies and retirement accounts may also skip probate if there is a named beneficiary.
- Assets in a revocable trust – These trusts are used to protect inherited assets of minor beneficiaries or beneficiaries with special needs. They also designate charitable donations. A named trustee has the authority to oversee the trust.
- Financial accounts with beneficiaries – Financial accounts do not go through probate if they have a payable on death, or POD, designation. Real estate or vehicles may skip probate, as well, if there is a transfer on death deed, or TODD.
Debts - Locate monthly bank statements, mortgage statements, cell phone and household utilities statements, credit card statements, and past tax returns. This will ensure all debts will be paid legally.
Family information – Provide a list of the decedent's family and close friends in case they must be contacted. It should include:
- Full names and nicknames
- Addresses
- Ages
- Contact information
- Relationship to the decedent (spouse, adult children, stepchildren, grandchildren, etc)
Miscellaneous documents – These include:
- Prenuptial/post nuptial agreements
- Divorce decrees
- Business agreements
- Any prior estate planning documents
Handling your loved one's final wishes can add extra strain to an already difficult time. Nancy Perry Eaton is happy to help take away some of that stress and help make sure the estate is settled smoothly with as little confusion or delay as possible. Make an appointment at 254-781-5639.