How to Begin Settling an Estate or Trust

Step 1: Getting Started

The first step involves a review of what will be the legal, tax, and financial path forward to get the deceased loved one’s affairs wrapped up. There are different processes depending on the size of the estate, how it’s structured, and what heirs or beneficiaries are involved.

In our initial consults, we review these concepts, go over the process generally, discuss priorities and anticipated difficulties, and decide together what level of involvement is most appropriate from us.

Step 2: Doing it Right

Doing it right means that the estate or trust gets wrapped up efficiently, with as little conflict as possible, with as little cost as necessary, and with no lingering worries that something will come back to bite us because we didn’t do it right. It involves making sure that we’re dealing with the most current documents we have available, lodging the will, making sure we’re using the right probate process. It involves making sure we have custody and a proper inventory of the deceased’s assets, that we have a handle on any outstanding debts or creditors, and that we know what tax obligations there are. It involves timing and making distributions to the right parties in the right way, making proper accountings, and helping everyone understand the process along the way.

Step 3: Wrapping it Up

Hopefully sooner rather than later, we’ll be ready to wrap up the legal work needed to move forward after the death. At that point, we’ll work together with you to determine what future plans need to be made and whether there is potential for any loose threads down the road.