The death of a loved one is a very difficult time, and if you have been selected as the chosen beneficiary, the process can be overwhelming. However, you will be able to get through this, and their will many be many parties to help support you. In this article, we are going to discuss six tips to help you manage the assets of a family member. Let’s get started.
Focus on the funeral first
Before you get too worked up in all the paperwork, the first thing you need to get through is the funeral. Without proper closure, the rest of the process can be a nightmare, and you won’t be able to concentrate. Before you organize anything, make sure you take at the will and any other documents so that you can fulfill the wishes of your loved one.
Hire an estate attorney
After you have had the funeral, it’s time to look into hiring an estate attorney. These individuals will be able to assist you through the entire process so that you can make the right decisions. They can also help sort through issues if there is no will or more than one beneficiary.
Go through the probate process
The probate process can be different depending on where you live, so make sure you do your research beforehand. Firstly, you’ll need to register the death of your family member so that you can access their assets. From here, you’ll need to apply for a grant of probate and sort out the inheritance tax return.
Pay the necessary debts
After you have been granted access to all of the assets, the next step is to pay any debts. This is essential so that you aren’t hit with any substantial costs later on after dividing up the funds. Debts may include mortgages, funeral costs, or loans that the family member has taken out.
Distribute assets
Now comes the time to distribute your family’s assets. To do this, make sure you refer back to the original will to determine who is entitled to what. If it is solely up to you, try to be fair with your decisions, and think about what your loved one would want. It may be difficult, but by working with your friends and family, you should be able to come to an agreement.
Avoid fights with family members
And lastly, while finalizing the process, try and avoid fights over assets with any other family members. While there will understandably be some disagreements, you want the whole process to go as smoothly as possible. Take frequent breaks from one another, and seek the help of an advisor when needed. It really will make a great difference.
While this is a challenging time, it’s important to remember there will be light at the end of the tunnel. By following the above steps, you can complete the probate process and sort out the assets in the least stressful way possible. Remember that you don’t need to do anything alone, and there is always help available. Good luck.
