7 Steps to settling an estate after death of a parent
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- Опубліковано 28 лип 2024
- 619.741.0111 KimWard@ProbateAndTrustHelp.com DRE#01218310
The entire process of probate can seem daunting, but the truth is that is can all be broken down into small steps that are manageable. These are the 7 steps to settling an estate after death of a parent, so that you can complete the bigger picture step by step.
00:00 Intro
01:41 The 7 steps outlined
02:05 Easy Inventory Collector: contacts.byreferralonly.com/F...
02:38 Get organized
03:27 other practical tasks
04:10 the master list of contacts
04:28 Hiring an attorney
05:00 What is probate and filing for it
05:20 Who to notify off the death
05:38 One small detail to avoid repayment’
06:04 Take inventory
06:40 setting up the checking account
07:20 The EIN
08:00 Filing estate taxes
08:36 distributing assets
09:13 Close the estate
09:34 How long does the PR have to complete this?
10:30 Outro
Here at Horizon Real Estate we care about helping you, as the estate executor, administrator or trustee. We want you to feel comfortable throughout the probate process, and to help you get the most money quickly from your estate house or trust property.
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Have a probate house or house in a trust and need guidance on how to prepare and sell? Think of this channel as your real estate resource.
If you’re an executor or administrator and want a free copy of my book "What To Do When You’re Responsible For Real Estate A Loved One Leaves Behind" Or, if you’re a trustee and want a free copy of "Exactly What To Expect As Trustee For Real Estate A Loved One Leaves Behind" simply call my office at 619-741-0111.
I’m a full time REALTOR in San Diego, California with Horizon Real Estate. I’m an expert at helping executors, administrators and trustees with probate houses and houses in a trust. A wife, mom to three grown sons and a daughter, plus She-she (that’s my grandma name) to the two cutest, smartest and busiest kids.
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I am NOT a lawyer or tax professional. The presentations reflect my own understanding of the underlying subjects. However, the presentation is based on my professional experience in the field of real estate. The information contained herein should NOT be used as a substitute for the advice of an appropriately qualified and licensed attorney, tax professional or contracted real estate agent/broker. The information provided here is for informational purposes only. You should consult with a professional to seek legal advice regarding your exact circumstances.
If you want to talk with me about San Diego real estate, fell comfortable calling me at 619-741-0111 or email me at KimWard@ProbateAndTrustHelp.com
California DRE license #01218310
Thank you for watching, liking, and commenting! I appreciate all of you!
I wish I had this available years ago. an attorney didn't guide my friend rightfully. They distributed the money before paying debts
Oh dear, that must have been a messy situation to be in. I hope that they were able to convince the beneficiaries to help with the debts. Thank you for watching.
I like your simplified 7 steps.
Thank you Gray E, I'm glad you found it helpful, thank you for watching and commenting!
I was told not to pay small credit card amounts because the collection companies are not going to be able to prove it’s the decadent’s AND they won’t take you to court because it’s too expensive.
Michael, I’m not certain that is accurate. I’ve experienced some attorney’s getting the credit card companies to reduce the balance, but you wrote that they are small amounts. Keep in mind that if you are the executor or administrator, you have a fiduciary duty to the estate. If nonpayment of the credit cards should result in additional fees ie. interest and collection, you’d be outside your fiduciary duty for the estate. And, even worse, if the credit card companies should turn the debt over to a collection company after you have distributed the estate proceeds to the beneficiaries, you’d probably have a hard time getting the funds back from the beneficiaries to pay the debt.
Thank you so much! Very helpful!!
Valerie, you're so very welcome, thank you for watching and commenting!
Very helpful
Glad to hear that, and thank you for watching!
I would like to get a copy of your simplified 7 steps check list
Hi Malena, did you mean the easy inventory collector? This video covers the 7 simplified steps in detail and covers what each of the 7 steps are. However, if it is the easy inventory collector you're interested in here is the link to the landing page for this document: contacts.byreferralonly.com/Form.aspx?Key=7414254A98479CE8E68789B2FC5D6106
I have watched numerous videos on selling an inherited house and capital gains. However, I have never heard any specific answer in 'determining' the house value at the date of death and date of sale, if the time-span has only been 3 - 4 months. Does an appraisal have to be obtained at date of death and date of sale, even if only a short amount of time (3-4 months) has taken place?
I’m currently helping an administrator of an estate and her attorney has asked for a date of death (DOD) market value of the property. When I am helping a client through the sale of an estate property, if they request it, I will provide data and an approximate value of the property as of the DOD. Since you sold the property (and assuming you had a REALTOR represent you), I would recommend you as them to help with a DOD property value or you could pay an appraiser to provide a DOD appraisal. Chances are that the appraisal would be very similar to the sales price (since it was only 90-120 days after the DOD), as long as the property was sold for fair market value. Hope this helps!
@@ProbateandTrustHelp Thank you ma'am, I really appreciate your time.
My dad passed with trust he only made 1000 on W2 form sold the home within 3 months he owed over 1/3 of selling price to mortgage co. Do I do personal tax filing and separate trust taxes? I paid all debts but am concerned now when I do taxes on home sale I'll owe taxes
David, That’s a pretty complicated question and unfortunately, I’m not a tax advisor. You probably will need to do both tax filings, but I’m not completely sure. My strong recommendation is that you get guidance from a good tax advisor so that the taxes are completed accurately.
@@ProbateandTrustHelp yup I needed to do two separate filing trust and his individual
I am on a will. Of a relative. Who passed away.my oldest sister and myself.my oldest sister passed away,her daughter. Has the information, and is being secretive. Deceased lived in Texas, my sister daughter lives in AZ. And I live in LA.
This a legal matter, you should speak with an attorney to get more information on this. Good luck to you.