COPING WITH DEATH
POWER OF YOUR ATTORNEY
PROBATE & ESTATES
UNSCRAMBLED
BY JENNIFER B. CONA
CONA ELDER LAW
Coping with the death of a loved one
is the most difficult life event we will
ever have to face and it can be even more
difficult when you are the executor or
administrator of your loved one’s estate.
Managing the seemingly countless tasks
involved can be overwhelming, but there
are several things you should do soon
after your loved one has passed:
• Notify the Social Security
Administration if the funeral home
did not do this for you.
• Contact pension companies to notify
them that your loved one has passed.
• Secure original death certificates
for each bank, brokerage, financial
institution and insurance company
where your loved one had accounts.
• Close your loved one’s credit card
accounts to prevent fraud and
identity theft.
• Collect mail to gather bank
statements, bills and other financial
documents.
• Locate the original last will and
testament, trust, and any other estate
planning documents.
• Gather all insurance policies.
Your attorney will need this information
and the documents. Once the assets and
accounts are secured, you can press
pause and take care of yourself and your
loved ones.
Probate and the estate administration
process are complex, requiring not
only legal assistance but often financial
and tax expertise as well. But with
guidance and an understanding of some
basic terminology, the process can be
unscrambled.
When an individual passes away, a
representative is appointed to manage
the estate and ultimately transfer the
estate assets to the beneficiaries. If your
loved one had a last will and testament,
the executor named in the will submits
the will to the Surrogate’s Court. This is
called “probate.” If the individual died
without a will, the Surrogate’s Court will
appoint an administrator of the estate to
handle the administration. The laws of
intestacy determine the priority order
of family members who can serve as the
administrator as well as which family
members will inherit the assets.
Whether you are the executor or the
administrator of the estate, you will
need to: collect and safeguard all assets
of the decedent; create a comprehensive
inventory of all assets; open a checking
account for the estate; handle real estate;
pay bills; pay all debts and claims
made against the estate; prepare and
file tax returns; obtain waivers from
all beneficiaries; and distribute all
remaining money to the beneficiaries.
This is not an exhaustive list. Further,
if complications arise, such as disputes,
disinherited parties or family fighting,
the process can become lengthy and
costly.
Before any money can be distributed
to the beneficiaries, you must prepare
a comprehensive accounting of the
financial transactions occurring within
the estate. The executor or administrator
must account for all assets received,
income and interest earned, all bills
paid, commissions earned, and any
preliminary distributions already
made to beneficiaries. This accounting
ultimately absolves the executor or
administrator from liability once
all beneficiaries have received their
distributions and have signed waivers.
In this complex area of law, the
experienced and compassionate
attorneys at Cona Elder Law are on your
team helping you every step of the way
so you can focus on yourself and your
family.
To request a copy of Cona Elder Law’s
Probate & Estate Administration
Guidebook, contact us at elder@
conalaw.com, 631-390-5000 or visit
www.conaelderlaw.com.
About Cona Elder Law PLLC
Jennifer B. Cona is the founder and
managing partner of Cona Elder Law PLLC.
Cona Elder Law is an award-winning law
firm concentrating in the areas of elder law,
estate planning, estate administration and
litigation, and health care law. Cona Elder
Law takes a holistic approach to elder law,
providing support and resources for older
adults and caregivers, and maintaining longterm,
partnering relationships with clients
to provide the best solutions for multiple
generations. The firm has been ranked the
#1 Elder Law firm by Long Island Business
News for eight consecutive years and was
honored as “A Firm that Makes a Difference”
by the Hauppauge Industrial Association
(HIA-LI). Cona Elder Law is located in
Melville. For additional information visit
www.conaelderlaw.com.
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