1. Obtain a copy of the will
It is crucial to locate and obtain a copy of the deceased person's will as it outlines their wishes regarding asset distribution.
2. Identify and notify beneficiaries and heirs
Determine who the beneficiaries and heirs are, and inform them of their rights and involvement in the estate process.
3. Secure all estate assets
Safeguard the deceased's assets, including bank accounts, real estate, investments, and personal property.
4. Open an estate bank account
Establish a dedicated bank account for the estate to manage financial transactions and payments related to the estate.
5. File a petition for estate administration with the court
Initiate the legal process by filing a formal petition for estate administration with the appropriate court.
6. Appoint an executor or administrator
Designate an executor if there is a will or an administrator if there isn't one, to manage estate affairs.
7. Publish notice to creditors
Notify potential creditors of the estate by publishing a notice in a local newspaper, giving them the opportunity to file claims.
8. Pay valid debts and claims
Assess and pay legitimate debts and claims against the estate using estate funds.
9. File necessary tax returns
Ensure all required tax returns, including income and estate tax returns, are filed accurately and promptly.
10. Distribute assets to beneficiaries
Following court approval and resolution of all estate matters, distribute assets to the designated beneficiaries in accordance with the will or intestate succession laws.
