Estate & Guardian Services
Probate is the process that concludes all of the legal and financial matters of the deceased. The executor of the estate is responsible for the following:
- Collect, inventory and provide safekeeping for the estate’s assets.
- Notify creditors and pay all valid debts.
- Collect any sums owed the estate.
- File claims for pension and profit-sharing plan benefits, Social Security benefits, and veterans’ benefits.
- Manage the estate’s assets.
- Sell assets, as directed by Will or required by state law, to pay estate expenses or legacies.
- Keep detailed records of all estate transactions and submit records to beneficiaries and/or the probate court.
- Distribute assets to beneficiaries.
- File the decedent’s final federal income-tax return.
- Choose a tax year for the estate.
- File the estate’s income-tax returns.
A guardian is responsible for minor children or disabled individual and acts under the supervision and direction of the Probate Court. It is the guardian’s responsibility to:
- Assist in establishing the guardianship.
- Prepare an inventory of all assets belonging to the disabled adult or minor and file the inventory with the Probate Court.
- Evaluate the investment needs of the disabled adult or minor and invest the assets on an interim basis pending establishment of a formal investment program.
- Meet with the family, attorney, accountant, and others as appropriate to construct a budget for living expenses for the disabled adult or minor.
- Prepare a detailed investment program and submit to Probate Court for approval.
- Implement investment program.
- Prepare accountings as required by the Court.
- Arrange regular remittances for the care and maintenance of the disabled adult or minor.
- Review investment program and make adjustments as required.
- Assist in estate and tax planning.
- Prepare and file annual Federal and State individual income tax returns.
|Not FDIC Insured||Not Bank Guaranteed||May Lose Value|
|Not Guaranteed by any Government Agency||Not a Bank Deposit|