Page 31 - McCourt & Trudden Funeral Guide Final

necessary part of your estate plan.
An ILIT will also permit you to direct the
disposition of your life insurance proceeds
in a more specific manner than simply
designating a beneficiary. Frequently,
our clients have their ILIT benefit their
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
McCourt and Trudden Funeral Home - Page 31