In this article, we will learn about the checklist for opening a will estate and how to execute it in eight steps.
Step One – Identify and Read the Deceased’s Will
If you believe the deceased may have created a will, you should identify and carefully examine this document, as it will reveal whether the deceased appointed a personal representative (the executor) to handle their estate. If an executor has been appointed, you should deliver the will to that person. You have no additional legal responsibilities in managing the will estate. Proceed to Step 3 if the deceased did not leave a will.
Step Two – Compile a Complete List of the Will Beneficiaries
The deceased’s will should specify the beneficiaries, individuals to whom they wish to leave their property. Prepare a list of their names and contact information, including addresses, phone numbers, dates of birth, Social Security numbers, and email addresses. If one of the beneficiaries is deceased, obtain their original death certificate.
Step Three – Compile a Complete List of the Deceased’s Assets
This list should include all assets owned by the deceased, including cash remaining in their wallet, bank accounts, investments, jewelry, personal items, furniture, antiques, cars, boats, real estate, life insurance policies, retirement accounts, and business interests.
Step Four – Compile a Complete List of the Deceased’s Liabilities
The deceased’s liabilities are the financial obligations the person held. This list should include all their debts, such as mortgages, personal loans, utility bills, credit cards, and medical bills.
Step Five – Meet with the Estate Attorney
The executor and beneficiaries should attend the first meeting with the estate attorney – either in person or by phone. If the deceased did not leave a will, the heirs should also attend, as these individuals may have the right to claim some of the estate, even without a will, due to their degree of kinship.
Step Six – Review and Sign the Required Documents to Open the Estate
The requirements of different states and counties regarding the legal documents needed to formally open estates can vary. The estate attorney and appropriate court clerks can provide you with a list of the necessary items. Just make sure to hire local attorneys who are familiar with the local estate rules in your county.
Step Seven – Wait for the Court’s Response
After submitting all the appropriate legal documents to the probate court, you must wait for the judge to review the file. The judge will either affirm the will or estate for probate or request additional information. Ultimately, they will authorize the appointment of a personal representative to act on behalf of the estate and its beneficiaries, bestowing them with “letters testamentary” or “letters of administration.”
Step Eight – Submit Certified Copies of the Estate Orders to All Financial Institutions
The personal representative of the estate will handle everything else from this point forward. They must provide copies of all orders signed by the judge and submit letters testamentary to the financial institutions holding the deceased’s assets, to inform them that they are authorized to control those assets.
Local and state laws frequently change and may not reflect the latest changes; please consult with an attorney for the most up-to-date legal advice. The information provided in this article is not legal advice and does not substitute for legal counsel.
Source: https://www.thebalancemoney.com/probate-checklist-how-to-open-a-probate-estate-3505267
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