When a loved one passes away, you might feel a wide variety of different emotions ranging from despair to peace. In addition to dealing with fluctuating emotions, there are also many logistics that need to be taken care of. One of the most pressing responsibilities to do is settling the estate of your loved one, following their wishes as closely as possible.
Pay Off Debts
The first thing that you need to do when settling a past loved one’s estate is to pay off any outstanding debt. Debt does not just dissolve with death; it is subsumed by the estate and still expected to be paid off. Paying off debts as soon as possible ensures that no additional interest or fees are incurred on those debts. Outstanding debt may include, but is not limited to, credit card debts, mortgage debt, and loan debts.
Go Through Probate
The probate is the will or wishes of the deceased person describing how they would like their property, possessions, and other assets to be divided and used. During the probate process, you’ll have to take care of properties that belonged to the deceased. If the deceased was very explicit in naming which property should go to which person, distributing the properties is quite simple. However, if the probate has more vague details, like saying to simply “evenly distribute” their property among the surviving children, it will take longer to decide how to carry out the deceased’s wishes.
Transfer Property With Release Forms
Once you have determined which property will be distributed to which heirs or beneficiaries, you need to draft written release forms. A release form will mention and describe in detail the item, items, or property that will be transferred. It will also state who the beneficiary is and any pertinent dates. It is a good idea to have multiple copies of the release form, all of which are signed by the beneficiary. These release forms account for what exactly is transferred from the estate to the beneficiary and are important legal documents to keep in one’s records.
While it may initially be quite stressful trying to settle the estate of a passed loved one, you will find that this is a great way to find closure and peace surrounding their death. Striving to carry out their will even after their death shows your care for them. Dividing their assets among their loved ones how they intended ensures that their influence will continue to be felt in this life.
Check out this article to learn how to leave your loved ones in a secure place after your death!
