Estate Administration and Probate Settlement
The estate settlement process can be daunting. In fact it can be so overwhelming that most have heard the mantra “avoid probate” without actual knowledge of what the probate process entails. The person or entity charged with settling one’s estate is called an Executor. An Executor is legally responsible for settling the affairs of a decedent. This process can include the following steps:
- Petition the Probate Court to admit the decedent’s Will to Probate.
- Determine exactly what the decedent owned at death and gather those assets together.
- Value each asset at its fair market value as of the date of death.
- Determine all creditor claims owed by the decedent as of the date of death.
- Insure that all expenses related to the administration of the estate are paid.
- Insure that the land records accurately reflect the death of the decedent.
- File an Inventory of all assets owned by the decedent with the Probate Court.
- File a Connecticut Succession Tax Return with the Connecticut Department of Revenue Services (DRS).
- File a Federal Estate Tax Return with the Internal Revenue Service (IRS).
- Reach an accord with both the DRS and the IRS as to the amount of taxes owed.
- File an Accounting with the Probate Court.
- Distribute the assets of the estate according to the terms of the Will.
Few relatives possess the skills and knowledge necessary to competently settle an estate. In addition to the legal requirements necessary to settle an estate, there are many optional post-mortem elections which can be made to save both income and estate taxes. Moreover, there are situations where conflicts arise in the settlement process. Often times a surviving spouse and children of a prior marriage have very different views regarding distributions and asset allocation. Other times rivalries exist between siblings. In such circumstances a professional executor can work to minimize conflict during the estate settlement process.
The Estate Administration Department at Essex Savings Bank has the knowledge and experience to settle estates in an efficient and cost-effective manner. We can often suggest techniques and elections which will significantly reduce the overall tax bill. We will work closely with an individual’s accountant, attorney, and insurance professional to insure that the decedent’s wishes are implemented and the surviving relatives are cared for.
[ HOME ]
[
PERSONAL BANKING ]
[ BUSINESS BANKING ]
[ TRUST SERVICES ]
[ E-MAIL ]
[ INVESTMENT SERVICES ]
[ FINANCIAL ] [ COMMUNITY ]
[ 24 HOUR VOICE ]
[ ABOUT US ]
[ MORTGAGE CALCULATOR ]
[
ESSEX WEB BANKING ]
[ IDENTITY
THEFT TIPS ]
Please be aware that you are accessing a private computer. Unauthorized access or use is
not permitted and constitutes a crime punishable by the United States Code, Title 18,
Section 1030 for Fraud and Related Activity in Connection with Computers.