How to Settle an Estate

Preliminary Steps:


Examine decedent's files, records, and safe deposit box for will, burial instructions; collect asset information, determine estate representative, obtain certified copies of death certificate, ascertain heirs and beneficiaries, collect insurance proceeds and death benefits payable to named benificiaries Chapters 2, 3, 4

Step 1

List assets, determine date of death values, and how title is held (Chapters 5 and 6).

Is gross value of estate over $600,000 ?

If yes, then:

file a federal estate tax return (Form 706) within 9 months of date of death (Chapter 7)

If no, then:

Step 2

Do any assets pass outright to a surviving spouse,
either under a will or by intestate succession ?

If yes, then: Title may be confirmed in name of surviving spouse with Spousal
Property Petition (Chapter 15)

If no, then:

Step 3

Are any assets held in Joint Tenancy?

Step 3a

If yes, then: Are any joint tenancy assets, the community property of decedent
and his or her surviving spouse:

If yes: then see above -Step 2 ( title may be confirmed in name of surviving spouse with
Spousal Property Petition

If no: then clear joint tenancy title in names of survivors (Chapter 10)

Step 4

If No to Step 3 above, then

Did a decedent have a living trust?

Step 4a

If yes, then: Are the trust assets registered in the name of the trust, if NO then go to Step 5,

If yes, then: transfer trust property to trust beneficiaries (Chapter 12)

If No, then Step 5

Step 5

Is the Gross value of the estate $100,000 or less (excluding joint tenancy or trust assets, or assets that pass to a surviving spouse?

If yes, then: transfer assets using summary probate procedures (Chapter 11)

If no, Commence Probate court procedures to transfer assets to beneficiaries (Chapters 13 & 14)