Probate and Trust Settlement Services, Done Differently
Our Estate Settlement Roadmap
Let's Talk
Our first meeting, designed to allow us to learn about your loved one, your family, and the goals and challenges you may be facing in settling the estate. You will have questions of us, and we’ll have questions of you, as we work to determine whether we are a good fit to work together in the estate settlement process. We will also review our process and fee structure with you. If we ultimately choose not to work together, that’s OK? If we do decide to work together, we give you homework and move on to Step 2…
Legal
At the Legal Meeting, we’ll go over the legal documents needed to handle the estate, including wills, trusts, and amendments. In any kind of estate settlement, probate or trust, it’s necessary for us to analyze the legal documents so we can map out the path forward. Notices and legal documents must be prepared, delivered, and/or filed. Our goal for this meeting is to set the stage for the rest of the settlement process. The 1 installment or retainer is due.
Assets & Debts
This is where we begin the true “settlement” work. We’ll review the Master Worksheet with you, making sure we’ve identified all assets and debts. We’ll need to know the present value of all assets. We’ll also discuss the plan for each asset. If any debts are to be paid, we’ll discuss when and how to fund those payments. We will need to update the Master Worksheet as assets or discovered, liquidated, or change in value. We will also collaborate with any financial advisor or other representative through this phase of the process.
Tax Time
We will have a separate session dedicated just to taxes. We’ll discuss any gift, estate or income tax returns that need to be filed. We’ll also review tax basis on assets and how that will impact capital gains in the future. How income gets treated during the administration is also critical to reducing income tax liability overall. Depending on the structure of the plan, there may be additional tax planning opportunities for beneficiaries. We will need to collaborate with your tax professional throughout the process.
Winding Up
The final step in the Estate Settlement Process ensures all assets are distributed according to the terms of the Will or Trust, including specific items and cash gifts. We will prepare an accounting that will need to be reviewed and approved by the beneficiaries before we close the estate. We remain available to discuss lingering questions, or there may be other estate planning opportunities you’d like to discuss. This is the end of the journey, but we’re always happy to help!