Losing a loved one is never easy. No other personal or professional setback compares to losing a loved one. During these most difficult of days, our firm is honored to work with the “Key Individual” designed by the deceased loved one (either the “Trustee” or “Personal Representative”) to complete the necessary legal and tax tasks. While no two situations are alike, we generally follow the following steps in administering a loved one’s assets:
- Identification and Classification of Assets [link];
- Collection and Re-Titling of Assets. [link]
- Valuation of Assets;
- Payment of Debts & Expenses;
- Tax Filings and Tax Advice; and
- Distributions to Beneficiaries.
Depending upon the types of assets owned by the deceased loved one, it may be necessary to necessary to initiate probate proceedings. More information about the probate process can be found here [link to Summary of Probate Process], together with our Probate Information Form [link] and a Guide for Personal Representatives [link].
The Key Individuals that hire us have a wide range of experience and education on financial and legal-related matters. Some have the experience and emotional and scheduling capacity to take on many of the administrative tasks, and ask us to take on only the probate or tax-related matters. Other Key Individuals, not having the experience or such capacity, ask us to take on the administrative tasks as well. We therefore customize the nature and extent of our representation to fit the needs of the particular family. Whether initiating probate court proceedings on behalf of the family, or assisting with the collection of life insurance policies following the death of a loved one, we are well-suited to assist a wide variety of families with the issues that arise following the death of a loved one.
As a first step, we recommend that you contact us to schedule an initial meeting at our firm. During that meeting, we can gather information about your deceased loved one, his or her unique assets, debts, and tax situation, and decide how to proceed in the most cost efficient and appropriate manner.