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Assembling The Documents You Need For Probate

Organization is critical for managing any estate. Even for a modest and simple estate, there can be a considerable number of transactions and correspondence. For any estate, there is always the risk that a beneficiary or other person may question your actions. Thus, you should take steps to organize correspondence and other paperwork, keep records of all financial transactions, calendar key deadlines and review checklists to monitor the progress of the estate settlement. This section provides practical tips on addressing these matters.

Assembling the documents
One of the first steps any executor should take is to obtain and review, with legal counsel if necessary, all the pertinent legal documents that may affect the estate. The following is a list of many of these:

Living will, health care proxy. These may provide important information as to burial requests, funeral services and so on.
Powers of attorney. Powers lapse on death. However, if a third party in good faith and without notice of death completed a transaction under the authority of the power of attorney, it may still be valid. If any significant transactions were completed near the time of the decedent's death, you may want to investigate them.
Will. This is usually the primary document governing the estate.
Revocable living trust. If a revocable living trust exists then the trust, in combination with the will, should govern most transactions. Be alert for any issues that may arise because of the use of two documents. They are not always used in the format of a simple pour-over will with everything in the trust.
Letter of instruction. Any personal notes to provide guidance to you as to how the decedent would want you, as executor, and any trustees to handle matters can be quite helpful, even if not legally binding.
Personal property list. Many decedents assemble a listing of how their personal property should be distributed. This is commonly done even if the will is silent. Attempt to locate such a list and follow it to the extent you can. Be cautious; if the list isn't prepared in a manner that makes it legally binding (most are not), then while you may want to carry out the decedent's wishes because of your moral obligation to do so, you must be constrained by the legal provisions of the will.
Insurance trust. A common estate planning technique is to have a trust own insurance on your life (or the joint lives of you and your spouse). On your death (or on the death of the last of you and your spouse in the case of joint life, also called second to die, insurance), the insurance trust may receive substantial proceeds that may be used to fund loans to the estate or to purchase assets from the estate to provide liquidity. The trust cannot pay the decedent's estate tax directly.
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Copyright © 2000-2002 American Estate Planning Attorney Directory. All rights reserved.

AEPAD is the American Estate Planning Attorney Directory. While the information on this site deals with legal issues, it does not constitute legal advice. If you have specific questions related to information available on this site, you are strongly encouraged to consult an attorney who can investigate the circumstances of your situation and the particulars in your state.

Assembling The Documents You Need For Probate

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Copyright © 2000-2002 American Estate Planning Attorney Directory. All rights reserved.