Part 2 of a 3-Part Article
This is a continuation of the article published in last month’s issue, which provides direction to those who have recently lost a loved one and believe they are responsible to take the immediate steps to secure the decedent’s property and identify assets. Keep in mind that a nomination under a Will does not convey any legal authority until a judge has determined that the person is qualified and has appointed the person in that capacity.
If there is a Revocable Living Trust, the Trustee has authority over all the assets that are held in the name of the trust (which usually includes personal items like furniture, clothing, tools, and jewelry), but not the assets that are not held in the name of the trust. In many cases, there are assets that are not held by the trust, even when there is a trust.
In the first article, we discussed securing the real estate, protecting the personal property, and contacting the attorney. The additional following steps should also be taken within the first 48 hours.
- Locate the Last Will and Testament or a Revocable Living Trust. Check the decedent’s wallet for an attorney business card. If you discover a Power of Attorney document, it is no longer valid, but the attorney who prepared it may have prepared other estate planning documents. If you cannot find a Will, and think there is one, try calling local attorney offices to see if anyone has created one.
- Gather all the keys you can find. One may go to a safety deposit box. Leave the keys on the keyring you found them on. This may help identify what they go to.
- Designate someone to collect and go through the mail. This may alert you to the location of bank or investment accounts.
- Locate abstracts for real estate. An abstract is the thick, legal-sized bunch of papers that contain the legal history of the real estate. This is different than the deed. You need the abstract to sell the real estate. (Check the freezer.)
- Locate the titles for all vehicles with a registration, including boats, trailers, campers, etc.
- Locate the income tax returns for last year, or the most current year you can find
- Notify the bank, where checking and savings accounts are held, of the death. Accounts not in joint ownership will be frozen. Do not panic.
- Do not allow anyone to use the decedent’s credit cards.
