Certain procedures will need to be followed in having the will "probated" by the proper court. Determine the dates that each policy was obtained or transferred into the trust, as well as all of the above details.Ĭourt Procedures. If the Decedent created a life insurance trust at any time, obtain a copy of the trust agreement, and make a list of all insurance policies owned by the trust. In addition, obtain the cash surrender value of the policy, particularly if the policy insures the life of someone other than the Decedent. In each case, the list should include the insurance company, a phone number or address for contacting the company, the face amount of the policy, the policy number, and the name(s) and address(es) of the beneficiaries. The list should include policies on the Decedent's life, as well as policies owned by the Decedent on other individuals. Although life insurance proceeds will not be controlled by the will (unless the will is the designated beneficiary), the life insurance information will be needed to properly prepare and file the federal estate tax return and any required state death tax return. Make a listing of each life insurance policy owned by the Decedent. Obtain copies of policies covering property (real estate, vehicles, contents of residence) liability, and health. If the Decedent's financial affairs were being handled by a third party (perhaps an agent under a power of attorney), you will need to contact that third party. The Decedent's residence will usually contain personal records that include financial information. Obtain a copy of the Decedent's death certificate from the funeral service provider or directly from the appropriate local government office. The Decedent's family and perhaps close friends will know much of the personal information that is needed.ĭeath Certificate. The following sources will help provide the needed information.ĭecedent's Family and Friends. Obtain general and financial information about the Decedent and the Decedent's family and beneficiaries that will be useful in administering the estate.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |