Probate and Estate Settlement

If you have been named the personal representative of a friend or family member’s estate, your responsibilities will vary, depending on many factors. These factors include, but are not limited to:

• the complexity and amount of the deceased person’s assets,
• the types of assets,
• how the assets were owned,
• how account beneficiary designations were set up,
• the types of liabilities,
• whether or not there was a valid will or trust in place and if you know where it is,
• whether the beneficiaries are known and can be located, and
• whether an estate tax return (and payment) is due.

Your responsibilities may include:

• meeting the probate court’s filing requirements,
• settling estate liabilities,
• filing estate tax and fiduciary income tax returns,
• providing proper notice to state authorities,
• communicating with heirs,
• distributing assets, and
• filing appropriate accountings.

In many cases, if deadlines are not met, there are significant tax consequences and/or tax penalties. A common challenge is that for many, this is a new role and they simply do not know what needs to happen, by whom and when.

Learn how we help our clients.