Although it may seem emotionally overwhelming to distribute all your loved one left behind, there is a transparent, structured process designed specifically to help you peacefully and fairly transfer ownership of these assets.
Community property laws can complicate questions of debt and asset ownership after one spouse passes away. While the laws vary by state, there are a few key things to know that will help you navigate these statutes after a loved one’s passing.
What happens if someone has left assets to you that you don’t want? You may want to find a productive way to use them, or simply disclaim the inheritance entirely. Either way, there are several considerations to take into account as you process this issue.
Everything your loved one owned, from their home to their shoes to their dishes to the cash in their wallet, will need to find its way to a new owner. We will guide you to all the various types of assets and how each one should be handled.
We speak the specialized language of estates and funerals, so you don’t have to.
The person appointed by the court to handle the estate of someone who dies without a will.
The duties of an administrator are similar to those of an executor, but as there is no will to execute, he or she is named administrator and distributes assets according to a procedure dictated by state law.
The sum total of someone’s net worth, including all assets. From a legal standpoint, an estate is not simply everything the person owns, but the value of all of these assets minus any debts or other liabilities. Estates are calculated differently depending on their purpose.
For example, the taxable estate may include assets that are not in the probate estate.
A service held to commemorate someone’s life. Memorials are generally considered distinct from funerals in that they are held without the body present and are not focused on the burial, although services where the urn with the loved one’s ashes is present are also called memorials. Traditionally, a funeral is a more formal service while memorials are often more unstructured.
To see the full glossary