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Reviewing Assets

Prior to paying any bills or distributing any monies, it is a good idea to review all of the assets. This will give you a better understanding of what you have to work with and what needs to be addressed. As always, prior to exercising any of these action items seek the advice of your attorney.

• Find all existing checking, savings, money market or Certificate of Deposit (CD) accounts held individually or jointly in the decedent's name. If you are not sure which banks to contact, look on Schedule B, Interest Income on last year's tax returns.
• Locate all Individual Retirement Account (IRA) to begin evaluating your retirement options.
• If your attorney authorizes, contact the brokers at each applicable firm or locate privately held stock certificates and transfer jointly-owned securities to the surviving owner.
• Check to see if the decedent held any mortgages on residential or commercial property or held notes on automobiles or other personal property which had been sold to individuals or businesses. All of these assets are considered part of the estate.
• If your home were held in joint name, the title does not necessarily need to be changed. The property may automatically become the property of the surviving owner.
• Check any annuities held in the decedent's name to ascertain the amount of the death benefit due to you or other survivors under the contract. Consult with an accountant or tax professional to consider the tax ramifications when deciding whether to keep or cash out the annuity.
• Transfer ownership of automobiles, boats and vehicles by contacting your local Department of Motor Vehicles (DMV) for details.

Next, it's time to think about paying the bills.