Page 36 - McManus Lorey Funeral Guide

spouse during the spouse’s lifetime, and upon the death of the spouse, benefit the children of their marriage. Since an ILIT is a trust, you can give specific directions in your trust instrument as to how the assets should be used, and protect the assets from your heirs’ potential creditors.
Estate Administration
The following documents should be brought to your attorney after the demise of a loved one:
An original or certified copy of a death certificate (look for a raised seal)
1. The original will (if any)
2. A funeral bill marked “Paid”
3. A basic family tree with contact information for close relatives
A list of assets including:
1. Real Estate
2. Bank and Brokerage Accounts 3. Vehicles
4. Retirement Accounts
5. Annuities
6. Insurance Policies
7. Valuable Collections
The above documents and information will assist your attorney in drafting the probate or administration petition for your loved one’s estate. It is important to note that the IRS form 706 - the estate tax return - must be filed within nine months of the death of the decedent (or within the six months extension window if one is timely applied for).
The probate or administration processes are formal judicial proceedings which take place in the decedent’s county’s Surrogate Court. If you are the nominated executor, or a person eligible to serve as administrator, you should consult with your attorney and provide the information and documents listed above. Your attorney will prepare the petition for probate or administration. Filing fees are paid on a sliding scale depending on the size of the estate.
Under New York State law, certain people are entitled to notice of the probate or administration of the estate - namely the beneficiaries, fiduciaries, and “heirs at law” of the decedent. The probate or administration process will be substantially simplified if these individuals consent to
Page 36 - McManus-Lorey Funeral Home