The days, weeks, and months after the passing of a family member are often trying and turbulent times. Even with planning and preparation, emotional distress can cloud decisions and make the next steps even more difficult.
Many people underestimate the procedural requirements for administering an estate. More than just distributing a deceased’s assets to their heirs and beneficiaries, administering an estate also requires evaluating the deceased’s assets and liabilities and paying bills and taxes, all while attempting to preserve as much value as possible for heirs and creditors.
In a recent episode of the Wealth Matters radio show, Tim Curtin of the Curtin Law Firm discussed some key points to consider when navigating this process:
Timing – Don’t Rush
TV and movies often depict the reading of a will at or immediately following a funeral, but this is far from normal. Tim encourages people not to rush. “This is typically a time of mourning,” he explains. “You have funeral arrangements to make. You have family getting together, sometimes for the first time in a long time. Don’t think about the will and probating an estate at that point. Get through family issues, then move on to the will.” The time between a loved one’s passing and probate can vary case by case. In Tim’s 27 years of experience, he has seen wills probated “anywhere from two weeks to six months from the time a person passes.”
Checklist – Items & Information You May Need
The more prepared you can be, the easier it is to probate a will. Tim urges his clients to create a list of important documents and to communicate with family members where this information is kept. The list could include life insurance policies and banking information such as account numbers and passwords. “Although many institutions will give you information if you’re able to produce a death certificate, it can be very difficult to figure those types of things out,” says Tim. Therefore, the more information the decedent has available, the easier the process can be.
Probate – What to Avoid
One of the biggest mistakes Tim has observed is executors or administrators of an estate distributing property too quickly. They have a duty to complete an inventory of the decedent’s assets, determine the value of the estate, and settle any debts of the estate. This is sometimes as simple as a medical bill, but could also be a complex tax liability. The family’s access to personal property can make this process even more difficult to navigate. Despite the fact that these tangible items are part of the estate, family members will often remove items they want without any right of ownership. The executor does not have the authority to distribute any property to heirs until the value of the estate is determined and creditors have been paid.
To hear the full conversation with Tim Curtain and learn “Everything You Need to Know About Probate,” listen to the full episode of Wealth Matters.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes, representing individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, businesses, and securities. If you are involved in a dispute over a will, trust, or estate, call us at 404-892-9797 for a case evaluation.
