Last week, I provided some basic information about what you should do when someone dies. This week I thought I would provide a list of what you should pull together after the funeral. Sometimes it is tough when you are dealing with grief and all the events related to funerals or celebrations of life. My hope is this provides a quick and easy reminder to keep you focused. First, it should go without saying, send thank you notes.
Gather Important Records:
Death Certificate (can be provided to probate attorney after initial meeting)
Social Security Card
Driver’s License
Marriage Certificate
Birth Certificate
Birth Certificates of Children
Insurance Policies
Business Documents and Agreements (consider if the business had a succession plan – this will be apart from the probate process)
Auto Titles and Registration
Deeds & Titles to other Property
Bank Account Information
Bank Safe Deposit Box Information (Who can access the box and where is the key?)
Financial Account Information (stocks & bonds)
Retirement Account Statements
Tax Returns (last three years)
Consider tax filing deadlines for the current year
Loan Documents & Debt Information
VA Information (discharge papers & VA claim number)
Digital Account Information (account information, passwords)
Information regarding Intellectual Property Rights
Social Media Account Information (access, information & legacy programs)
Estate Planning Documents (powers of attorney end upon death)
It is important to consider if any of the above Assets have Beneficiary Designations.
Locate the Will. There is no formal requirement to file a Will before death. If you cannot locate the original Will, you should also check with the attorney who prepared the Will – sometimes Attorneys will maintain the original Will. Other places to look for an original Will include the following: bank safe deposit boxes, safes, gun safes, safe rooms, fire proof boxes and the freezer. A lot of estate planning & probate attorneys use blue ink to help us determine that the document is an original. Original documents also often have colored jackets. You should also check with other advisors such as CPAs, tax preparers, financial advisors, and insurance agents. As mentioned below, at times and in certain circumstances a copy of a Will may be admitted to probate. Consider that a few companies offer digital vaulting of important documents such as Wills.
Review the Will or Trust. In other words, read it. In Texas, the Will needs to be signed by the testator and be witnessed by two individuals above the age of 14. I have seen many documents that fail to have all these requirements. Never assume the Will is valid or invalid, see an attorney.
Every state has their own estate code and tax system. These systems vary greatly from state to state. Generally, in Texas, the original Will is admitted to probate, meaning filed with the court and retained within the court files. However, in certain circumstances, a copy of a Will can be probated. Note, Texas also recognizes the existence of a “Holographic Will,” this Will needs to be “entirely” in the handwriting of a testator and signed. Just signing a typed document doesn’t count. Once you locate the Will you should keep it safe because your probate attorney will need to review it at the initial meeting. Again, never assume the Will is valid or invalid, see an attorney. You will need an attorney familiar with the probate process to guide you through the best course of action. You cannot represent yourself in a Texas probate.
Another tip is to keep beneficiaries informed. There is no formal requirement to make a Will public to the beneficiaries by “reading” a Will in Texas. However, there is a requirement that the beneficiaries be furnished with a copy of the Will. Your probate attorney will take care of that and other legal requirements.
As always, check with your attorney to decide which method of estate administration is right in your particular circumstance. It could save you time and money.