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)