Page 32 - Bereavement Guide Book

Information Gathering

Upon death, one of the first things to do is to Whether to spend your time and effort plan-
gather as much information as possible. It is ning to avoid probate depends on a number
important to look for, and gather any Wills, of factors, most notably yur age, your health
deeds, financial documents, notes and and your wealth. For some people, a simple,
insurance policies, etc., that the deceased may Will may be all you need - adopting a com-
have. As a starting point, the testator should plex probate avoidance plan now may mean
consult the testators lawyer as it is generally you will have to re-do it as your life situation
good practice for original Wills to be kept changes. Similarly if you have very little
at the lawyer’s office. Upon death, you may property, the need to avoid probate may not
want to ask the lawyer to provide notarised be such an important consideration. Regard-
copies of the deceased’s will. less, the more information you share with
your advisors and representatives, the more
Before estate matters can be pursued (ie. likely you are to have an estate plan that best
Survivor-ship application transferring a fits your needs.
house, or automobile, other legal matters), a
copy of the death certificate is also required. This guide is not intended to be a substitute
Please speak to the Funeral Home about ob- for specific individual tax, legal or estate
taining certified copies of the death certificate settlement advice, as certain of the described
(as some agencies will not accept photocop- considerations will not be the same for every
ies). estate. Accordingly, where specific advice is
necessary or appropriate, consultation with
Probate a competent professional is strongly recom-
mended.
Common questions from a newly entrusted or
appointed estate trustee are “Do we have to Question #1 What is Probate?
Probate?” and “What is probate and why do
we need it?” Probate is a rather formal proce- Probate is a legal process where your named
dure, establishing the validity of a Will, and is estate trustee(s) goes before a court and does
not cheap or quick. Fortunately, not all Wills several things:
need to go through probate; such a determi-
nation will be dependent upon a testator’s • Identities and catalogues all property owned
unique situation. by the deceased.
• Appraises the property, and pays all debts
In the event an estate requires probate, taxes and taxes
will have to be paid • Proves that the Will is valid and legal, and

Page 32 | Peace and Tranquility Funeral Home