Wills can be great tools to ensure that your wishes are carried out after your
passing.
Wills direct assets, assets that are titled in your individual name will be distributed to whomever you wish upon your passing. They ensure that your concerns are carried through.
But what happens if you pass away with a will?
The individual named as your executor will need to get possession of your last will and
testament. You can inform your executor of the location of your will to make this process simpler. You may also give them a copy of your will if you wish too but they will typically need the original will.
The individual whom you have named as an executor will then need to take your Will and a death certificate down to the clerk of court’s office. There may be a waiting period
in
getting a copy of your death certificate. At the clerk’s office they will open up a probate estate and be issued with letters of administrator.
Upon becoming an executor they have the ability to access all your assets and make sure that they are taken care of. Within 90 days your executor will need to submit an inventory which has a list of all the assets are in your
estate.
The executor will also need to publish a letter in the newspaper letting all creditors know that if there is a claim that they need to file that into the estate file. Additionally, your executor will need to ensure that any known creditors are notified of your passing.
The Tax man doesn’t go away after you pass either. Your executor will need to ensure that your final tax return
is filed, and any tax bill is paid. Your executor can hire a tax professional to ensure that this done correctly.
After all creditors are properly notified and any legitimate claims are paid your loved one can distribute the remaining assets to the individuals named under your will. At
any step in this process your loved one can consult with an attorney to ensure that all steps are being properly administrated.
A properly executed estate plan is essential to ensure that your assets are protected at your death. At McIntyre Elder Law we take a holistic approach to ensure that your estate fits your unique needs.
We would be happy to talk to you about any needs that you might have.
