Financial Independence for the Family PR

July 8, 2021

Who is Your Family PR?

If you’ve been tapped as the Personal Representative for your parents or grandparents, you should know that it comes with certain legal obligations. Below are some tips for the PR of an estate and an estate management checklist for you to consider.

PR, Know Who is on Your Dream Team

You will be working closely with the financial advisor, estate planning attorney and CPA of your loved ones, so know how to contact these professionals!

Time to Get Organized!

To get started, work with the funeral home to obtain multiple copies of the death certificate. Next, obtain “letters testamentary” from the court so that you will have legal authority to pay bills, pay taxes and manage and distribute assets from the estate. Track down the will or trust and work with the estate planning attorney to disburse the deceased person’s assets. Trusts and assets with beneficiary designations can be kept out of probate, so know how all assets are titled sooner rather than later to avoid the cost, delay and public nature of probate. 

Lean on The Professionals

Working with the estate planning attorney, tax specialist and financial planner along the way will help mitigate risk and alleviate the stress that comes with settling an estate. The best gift left by the deceased person for the PR is a detailed list of all assets and where to find the wills, trusts, paperwork related to insurance, investments and funeral arrangements, real estate deeds and interests in businesses and partnerships. Having access to documents that verify the value and designated beneficiary can simplify the distribution of an estate to loved ones. 

Plan The Disbursement of Assets

Before any assets are distributed, the PR will want to be sure to pay all bills and taxes that are outstanding. It is important to note that the estate settlement process is designed to not be rushed. It is better to take the time to thoughtfully act with the help of tax, investment and legal professionals so that future legal liability is avoided. Settling an estate is a stressful and time-consuming process. One must be part compassionate advocate and part private investigator. Throughout the process keep detailed records and lean on your dream team to help you diligently settle the estate of your loved ones. 

Have you planned and created a Personal Representative Guide for settling your parent’s, grandparent’s and great aunt or uncle’s estate? Today is the best time to plan for the future.

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Singer Wealth Management