Managing the Assets After Loss is Challenging, so Here are Some Tips to Make the Process Easier
Managing an individual’s estate after they have passed away consists of not only planning burial or cremation services in Sterling Heights, MI, for distributing the assets to beneficiaries. This can feel like a complex task and may be confusing on where to get started, so below we have a list of five tips to make the process easier.
Pay Off Any Debts
Before any funds can be distributed, the deceased debts need to be paid. Creditors have a specific amount of time to make any claims in probate court, and these will be paid out from the estate, followed by any assets in the living trust. So rather than waiting for creditors, be proactive in giving proper notice and resolving any claims quickly.
Settle the Taxes
Another step that needs to be completed is filing any remaining income taxes. Even if there was no income, the trustee could file a return claiming any refunds due to the deceased for estimated paid taxes, taxes withheld, or other credits that would provide a refund. There may also be late or final gift tax returns, federal or state returns, and state inheritance returns that will need to be finalized.
Have Clear Communication With Heirs
It’s also recommended to have open and regular communication with any beneficiaries because this can help make the process smoother. This will also help the errors understand if there are any steps or plans and communicate if they were promised any items from the estate, and help organize the remaining assets for an easier allocation process.
Set a Reserve
Once any taxes and debts have been paid and beneficiaries have been contacted, a reserve amount will need to be set aside to cover any remaining fees, tax adjustments, or expenses. You also want to notify companies about the individual passing away, turn off any utilities, and close accounts like gym memberships or storage units.
Distribute the Remaining Assets
You can distribute the money through a check or wire, and property can be allocated through an assignment of title or transfer of deed. If there are disagreements in personal belongings, you may have to implement methods like taking turns picking items, getting copies of any videos or photographs, or using a mediator who can help de-escalate family conflicts around specific items and make the process easier.
When You Need a Trusted Source for Memorable Services, We Have You Covered
Going through a loved one’s belongings can be an emotionally challenging experience, so take breaks as needed and reach out for support from a trusted friend or family member to help with the process.
And if you need to plan cremation services in Sterling Heights, MI, we have been a trusted name since 1906. We work hard to provide innovative and streamlined solutions based on compassionate care and integrity for all our clients and would love to help you through the process. Our team is here to answer all your questions, so contact us today to get started.
