A parent dying is a traumatic and stressful time. In some situations, you may be left to deal with their estate. This is a lot of responsibility, and there is much to consider. For that reason, we have compiled an article that will go over what you need to know when managing a deceased parent’s estate.
Arrange Funeral
While it may not entirely be up to you to sort the funeral arrangements, it could be quite likely. Many people in charge of managing their parent’s estate may feel it is their responsibility to sort these details out. If you feel you need help, you should ask for it. There will likely be other members of your family that will be happy to help you out.
Once you’re happy to go ahead, you will have to find a suitable place to have the funeral take place. You should first consider your parent’s wishes, and find out if they left behind any information regarding what they wanted. For many individuals, this could be determined by religion.
You may find it best to find a venue that also specializes in providing grief support. This can help you get through your difficult times and organize the funeral with additional support. You can find such a place with Lucas Funeral Homes and Cremation Services. They can work with you to help design the funeral you had in mind and ensure you are honoring the life of your mom or dad. Of course, you will also be able to engage in grief and healing, too.
Pay Debts And Taxes
As the executor of the estate, it will be your responsibility to sort out the debts and taxes that your parent had. This includes mortgage fees, property taxes, car payments, and any personal debts that may have occurred. These fees and debts will need to be paid on behalf of the estate until the entire estate has been settled.
You may have to look through their accounts, checkbooks, and statements, to find out what they were paying before. You will also need to keep an eye on the income earned by the estate. If it goes over the income tax exemption rate, then the estate will need to change how it files. You should also think about the state inheritance tax and the estate tax overall.
Distribute Assets Accordingly
Lastly, you will have to work with any solicitors to distribute assets accordingly. This will be done after all the debts and fees have been paid. Some of the assets you may have to distribute include property, cash, stocks, high-value items, and anything mentioned in the will.
It will be key for you to locate the will and any other important documents on that topic. This will help you work out who the beneficiaries are, and if there are any requirements for certain items and cash in general. If there is no will, then you will have to consider the state laws, as they may differ on who gets the property from state to state.
