CLEVELAND, July 20, 2018 /PRNewswire-PRWeb/ -- Death is
an inevitable part of life. "After a loved one passes we need to
grieve," said attorney Kathryn T.
Joseph, founder of Kathryn T.
Joseph & Associates. "However, we must also take care of
their affairs."
To educate people on what to do following the passing of a loved
one, Joseph, who has been appointed by the Cuyahoga County Probate
Court to serve as guardian or conservator of the person and estate
for more than 200 individuals whom the Probate Court has determined
to have become unable to handle their own affairs, lists the
following ten tips.
No. 1: Address the funeral arrangements first. "See if the
decedent has any written funeral declarations setting forth his or
her wishes," advised Joseph.
No. 2: Secure the house and other property. This is
imperative.
No. 3: Allow yourself a period to grieve. "Don't worry about
paying the bills, transferring assets or opening an estate until
burial and funeral services are complete," added Joseph.
No. 4: Look for the original Will and Trust documents.
No. 5: Collect bills, bank statements, tax returns if they can
be located.
No. 6: Contact an attorney. "This is essential in determining
whether or not an estate needs to be opened," stressed Joseph. "If
assets were held jointly or if assets had a beneficiary, it is not
necessary to probate the estate. The assets can be transferred
directly to the co-owner or beneficiary without probate court
intervention. Usually, a certified death certificate needs to be
presented in order to release the funds to the joint owner or
beneficiary."
No. 7: If an estate is opened, there is a period of time in
which creditors can assert claims. These claims need to be
evaluated and either paid or rejected by the administrator or
executor of the estate.
No. 8: Contact an accountant to determine if final federal,
state and locate tax returns need to be filed for the decedent. "If
there is income earned on the assets after death, estate income tax
returns may need to be filed as well," stated Joseph.
No. 9: If an estate is opened, the legitimate bills, estate
administration expenses, and taxes must be paid first before
distribution to the beneficiaries.
No. 10: Determine assets. "If there are not enough estate assets
to pay all bills, expenses, and taxes, the estate is considered
insolvent and a proceeding to determine the order of payment of
debts must be held by the Probate Court," concluded Joseph.
About Kathryn T. Joseph &
Associates, Inc.
Kathryn T. Joseph & Associates,
Inc. provides individuals with the exceptional technical
proficiency and litigation experience normally associated with
large national firms. Practice areas include estate administration,
elder law,estate planning, probate and guardianships. For more
information, call (216) 245-0504, or visit
http://www.ktjlawfirm.com. The law office is located at Executive
Commons West, 29425 Chagrin Blvd., Suite 305, Cleveland, OH 44122.
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SOURCE Kathryn T. Joseph &
Associates, Inc.