1. Locate the will:
The first step is to find the deceased person's last will and testament, as it will outline their wishes for the distribution of assets.
2. Obtain multiple copies of the death certificate:
You'll need these for various legal and financial transactions.
3. Secure important documents:
Safeguard passports, social security cards, and other vital personal documents to prevent identity theft or misuse.
4. Identify and notify beneficiaries:
Determine who the beneficiaries are and inform them of their entitlements.
5. Contact an attorney or estate planning professional:
Seek legal guidance to navigate the complexities of estate administration.
6. Open an estate bank account:
Establish a separate account to manage financial transactions related to the estate.
7. Gather financial records and assets:
Compile a comprehensive list of assets, including bank accounts, investments, and properties.
8. Pay outstanding bills and debts:
Settle any outstanding debts and liabilities of the deceased from their estate.
9. File necessary tax returns:
Ensure that all required tax returns, including income and estate tax, are filed accurately and on time.
10. Distribute assets to beneficiaries:
Follow the instructions in the will to distribute assets to the designated beneficiaries.