ESTATE AND TRUST SETTLEMENT

We are often asked “What do I do now that my loved one has died?” Even with estate planning documents in place, the estate or living trust of a decedent must be settled in accordance with the law. “Estate settlement” is a broad term that describes the process of collecting assets of a decedent, accounting for such assets, paying debts and expenses, and then distributing those assets according to a decedent’s will or trust or according to applicable law. The estate settlement process encompasses numerous laws, including trust laws, probate laws, state and federal estate tax laws, and federal and state income tax laws. Legal counsel can advise and help a personal representative (executor) or trustee navigate through the host of issues to properly settle an estate or trust. The estate settlement process may involve the following: