Estate

If you become the beneficiary of an estate, it is in your interest to be aware of what is happening during a court probate or trust administration.

Probate is the court process in which the deceased person’s debts and taxes are paid and remaining assets are transferred to the appropriate beneficiaries. It is not unusual for the probate process to take more than a year to complete.

Be proactive and speak to an estate specialist to review the administration process, your rights and determine if you need continuing legal and tax assistance.

Obtain copies of the estate documents from the estate or trust attorney, including:

• Will, with all codicils
  
  
• Trust, with all amendments
  
  
• Beneficiary designations naming you and the associated statements showing the value and types of assets included
  
  
• Inventory of all assets, with estimated values
  
  

State law normally determines if and when you are entitled to see these documents. Some documents will be available right away as public records, while others have a waiting period. Ask for a timeline and a summary of the steps the attorney will follow to administer the estate or trust when you contact him or her for your copies of these documents. This will empower you contact the attorney if the proceedings

If the deceased had a living trust, it is not a public record, so you will need to periodically contact the trust attorney or trustee to find out the status of the trust.

Obtain copies these tax documents for the deceased:

• Federal estate tax return
  
  
• State estate tax return
  
  
• Appraisals of assets in the estate
  
  
• Final federal and state income tax returns
  
  
• Income tax returns that must be filed for any income-earning assets retained by the estate