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Twelve Months of Financial Milestones Working with Financial and Legal Advisors What Are the Steps in the Probate Process? What Is the Probate Process if There Is No Will? How Do I Pay the Bills Until the Estate Is Settled? What Does the Executor or Administrator Do?
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SETTLING THE ESTATE
If you will receive a substantial amount of money, property, or other rights from your loved one’s estate, it’s a good idea to consult with an estate planning lawyer and, possibly, a tax advisor before accepting those assets. Find out the advantages and disadvantages. Depending on your situation, you may want to refuse the assets for tax or financial planning reasons. In legal terms, this refusal is called a “disclaimer.” If you do accept assets, work with an estate planning lawyer to review and update your own estate plan, including who should be named as the beneficiaries of the assets you acquire from your loved one, such as real estate, retirement benefits, and savings accounts. If you are the beneficiary of any retirement plan assets, talk with a tax advisor about the options available to you for those assets, such as rollovers, annuity benefits, and lump-sum distributions.
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What
Should I Do if I Receive Assets From
