You will need to fund the estate account with all of the deceased person's accounts. You will want to add all of the funds besides "payable on death" and joint tenancy accounts to the estate account.
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Small estates do not need to file probate, which can simplify the process. Your next step will be to submit a signed affidavit to the court.
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Which debts the estate needs to pay, and in which order, depend on the state and whether the estate has more money than is owed or not. You are likely not personally liable.
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This means compiling a list of real estate, personal property, bank accounts and debts as line items with a detailed description of each item and its fair market value.
Read MorePublishing an obituary is one of the five most important things you can do after a loved one dies. In addition to providing an outlet for mourning, it can help add meaning to the process of grief and bring together friends and family of the deceased for a memorial/funeral service.
Read MoreProbate lawyers can help executors or administrators of the estate navigate through the probate process.
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An Estate account is a new account opened after someone has passed away. The Executor can deposit all of the deceased person's money, pay debts and bills, and then ultimately distribute the money to the beneficiaries. Even if you have joint accounts with the deceased person, you will likely still want to do this to avoid risking mixing your personal money with the estate’s money, to make sure that there are no issues getting tax refunds and death benefits, and to reduce the risk of family conflict
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You may have to file 6 types of taxes.
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Property held previously jointly can be transferred to the surviving person.
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