My loved one died, now what?

You should talk to the funeral home about obtaining enough death certificates to begin notifying important people to freeze your loved one’s assets.  These accounts will freeze until you can show proof you are the person to handle the Estate.

Next, locate the Will, and figure out if you should begin the Probate process.  In the state of PA, this is if the assets are over $10,000.  If over, and you are named as executor, you will want to get your letters of testamentary which shows proof you can handle your loved one’s affairs.  Once in hand, you can go back to the above assets, and liquidate to an Estate account.

After you complete these tasks, there are several other steps, including county paperwork, tax id number, date of death letters, newspaper notification and a lot more.  We take all the steps and put them into a guidebook called the Mosaic Path.  Ideally, you want to save money by doing a lot of the steps yourself rather than hiring a legal professional.  This will insure the heirs will receive more money, and actually save you time.  Our solution does this for you!

It is easier than you think!  Sometimes when you are grieving you don’t think you can handle these tasks, however it is just paperwork, don’t let that intimate you.  Plus you have 9 months to complete it, allowing some wiggle room to get the job done. (If you can do it quicker, you earn a tax break!)

Lastly a great tip, if you are named executor/executrix delegate work to your family, there is no reason why everyone can’t pitch in and help.  In the long run, it will save everyone money!

By Dana Willard

Published:

07/15/19