If you've just received your "Letters of Authority for Personal Representative", it's time to start administering the estate. You will need your Letters of Authority for most of these steps. Here is a checklist for what's next!*
Apply for an EIN SS-4 to use for the estate.
Open up a Estate Bank Account using the EIN obtained above. Call the bank you intend to use beforehand as some may not be familiar with this process. Comerica regularly handles these.
Close the deceased's bank accounts and deposit the money from these accounts into the estate bank account.
Your attorney will publish a notice in the appropriate newspaper for creditors. Creditors have 120 days to file claims.
Gather the inventory information required for your attorney. This includes, but is not limited to:
A copy of the deed for any property
Copy of vehicle title(s) and kbb.com values for the vehicles
The balance of the mortgage as of the date of death
The balance of any bank accounts as of the date of death
Any other large assets
File the inventory and pay the inventory fee (to be calculated by your attorney) to the Probate court.
Administer the assets of the estate. This may include selling vehicles, selling real estate, closing accounts, having an estate sale, etc. All proceeds from these activities go into the Estate Account. If there is a Trust, sometimes the administration of these assets means transferring them into the Trust itself before they can be sold by the Trustee.
Pay any creditors claims and/or any remaining bills for the decedent out of the estate account.
Once the above has been completed, a final accounting and sworn closing statement will be filed to close the probate estate.
*Note that the above is a general outline of duties and steps and does not construe legal advice of any kind, you should always receive appropriate legal advice related to your specific situation and case.
Discuss your estate planning or probate needs with Attorney Allison Greenlee Korr today. 269-381-4471