Preparing for the Future: Estate Settlement Essentials
May 9 Workshop Will Help You Plan
By Mark Yatros
“It’s time to get your affairs in order.”
You often hear this dramatic line in movies when a character learns they’re dying. But many of us won’t get a warning about our death, making it even more critical to always keep your estate in good shape.
Last year, my Allegiant Wealth Strategies colleagues and I presented the Family Love Letter Series, which guided participants through the process of gathering their essential financial information. This preparation helps their survivors figure out their finances should something unexpected happen.
However, locating vital financial information is just one piece of the puzzle for survivors. Survivors, especially estate administrators or trustees, must understand the estate settlement process, which can be confusing, complicated, and time-consuming.
To help you understand the estate settlement process and as a continuation of the Family Love Letter Series, we have a new offering: the Estate Settlement 101 Workshop on May 9.
The Estate Settlement 101 Workshop will help you if you’re in the estate planning process or expecting to be a part of someone else’s estate settlement. We want to assist because the process can be long and often confusing, especially for those going through it for the first time.
You’ll discover:
• What is estate settlement?
• What’s involved in the estate settlement process?
• How long does the process take?
• Who oversees the process?
• What happens if there is no will or trust?
• What role do professional advisors such as lawyers and CPAs play?
• Plus, a whole lot more…
In addition to learning from the Allegiant Wealth Strategies team, you’ll have the opportunity to speak with a CPA and an attorney who have extensive experience settling estates.
We’d love to have you join us, and you have two May 9 workshops to choose from:
2 p.m.
Clara’s on the River
44 McCamly St.
Battle Creek, MI 49017
Heavy hors d’oeuvres will be served.
5:30 p.m.
Latitude 42
6101 W Main St.
Kalamazoo, MI 49009
Dinner will be served.
Reserve your seat now by clicking here or calling 269-218-2100.
Here are some key terms that are part of the estate settlement process
Administrator: A person the court appoints to manage the estate if there is no will or designated executor.
Appraisal: The process of determining the property's fair market value contained within an estate.
Beneficiary: A person or entity designated in a will, trust, or by law to receive part or all of an estate.
Closing the Estate: The final step in the estate settlement process where the executor or administrator files the final accounting with the probate court and distributes the remaining assets to the rightful beneficiaries.
Creditor Claim: A formal request to pay a debt from the estate by a person or company owed money by the deceased.
Deed: A legal document that represents real estate ownership and is required to transfer property from the estate to beneficiaries.
Estate: All the money, property, and other assets an individual owns at death.
Estate Tax: A tax on transferring the deceased person's estate before distribution to the heirs.
Executor: The individual appointed in a will to manage the estate and ensure that the deceased’s wishes are carried out as written.
Fiduciary: An individual who holds a legal or ethical relationship of trust with one or more other parties, typically managing money or assets for another person.
Heir: A person legally entitled to receive a part of the deceased’s estate under the inheritance law.
Intestacy Laws: State laws that determine how an estate is distributed if there is no valid will.
Inventory: A detailed list of an estate's assets and liabilities.
Letters of Administration: Documents issued by a court to appoint an administrator of an estate when there is no will.
Letters Testamentary: Legal documents issued by a court that grant an executor the authority to manage the deceased’s estate as directed by the will.
Probate: The general legal administration of a deceased person’s will or the estate of a deceased person without a will.
Trust: A legal arrangement where one party holds property on behalf of another party, often used to manage an estate and provide for beneficiaries.
Will: A legal document in which a person specifies how their estate should be managed and distributed after death.
This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to ensure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.
Allegiant Wealth Strategies offers securities and advisory services through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Allegiant Wealth Strategies has offices in Battle Creek and Portage, Michigan, from which we serve Calhoun County, Kalamazoo County, and Kent County (Grand Rapids). The Allegiant Wealth Strategies team offers no-obligation financial planning consultations; call 269-218-2100 or contact us here.