Losing someone you love dearly is truly a difficult situation to be in. Apart from having to deal with feelings of pain because of your loss, you also need to deal with several legal matters that need to be managed, especially in terms of the distribution of the assets of your deceased loved one. Thus, here are some of the FAQs regarding this matter that may shed light on some of your concerns.
Is a power of attorney still valid?
Unfortunately, the answer is no. A power of attorney is valid only while a person is still alive, but is incapable of making sound decisions in terms of his assets. Thereby, only a personal representative or executor appointed by the court can act on the assets left after death.
Is there a need for a last will and testament?
The first thing that a family needs to determine before they attempt to distribute the assets of their deceased loved one is whether a last will and testament exist. It is best to locate an original copy, but in instances wherein this is not possible, the next option for the heirs and beneficiaries is to secure a clear copy. Nevertheless, this should not be acted upon until the court admits this will to the probate process.
Is there a need to open a probate process?
More often than not, family members do not see the need for probate, especially if they deem that the assets left are not that substantial for an estate. With this mindset, however, most of the debts and taxes are left unpaid while all the assets are distributed. This proves to be a problem in the long run, especially if a creditor or the government acts up to recover their claim. Thus, it is best to open a probate process to be able to administer the assets and estate of a deceased loved one properly. With a proper probate process in place, the assets of your deceased loved one is protected.
What are the types of the probate process?
There are two types of probate. The first is a formal probate, which is usually court-supervised and takes a significant amount of time. The second is an informal probate, which is completed faster, with some instances wherein the court process is no longer necessary.
Is there a need to notify anyone about the death?
Yes. Following the death of your loved one, it is best to notify government agencies, as well as different companies such as credit card corporations, phone carriers, and utility providers, to prevent additional charges on existing accounts.
Dealing with the pain brought about by losing someone you love is definitely difficult. More often than not, you have to overcome the phase of grieving. What makes the situation more difficult is having to deal with the legal matters in terms of the assets of your deceased loved one, while you are still grieving for your loss. However, the need to cope up is inevitable and knowledge on some of the FAQs above may help you manage these matters more effortlessly.