Have you thought of everything? Additional Considerations when closing out a loved ones estate
Closing out an estate requires serious attention to detail and time commitment. Many essential details can be delegated to professionals and family members. Still, many tiny details can easily be overlooked when you’re busy with your own life, grieving your loss, and managing additional paperwork and planning.
Here is a list of items you may not think about doing but may need doing:
– Cancel subscriptions and bills like cable and utilities
– Shut down social profiles
– Notify your provincial driver’s license authority
– Ask the post office to hold or return mail after a period of time
– Alert life insurance companies
– If you haven’t already shared the news, any clubs or organizations that the deceased was involved in will want to be informed
– Tell the landlord if they were renting
– Notify credit card companies in case payments are due
As you can see, the responsibilities are vast. No one should have to tackle everything alone, even if you are the executor. Asking for help is vital to ensuring everything is taken care of in a reasonable time frame.
A key task that an executor of an estate will need to take on is probating the will, which is the process of verifying that the will is real under provincial law. Probating a will comes with many upfront costs, which are dictated by provincial regulations and the value of the estate. The beneficiary of the estate can apply for a loan to cover the costs of the provincial probate fee, to obtain a certificate of assessment, which is the process by which the will is validated.
First Inheritance will finance loans for these expenses and fees up to $75,000.
The borrower requires no minimum payments to cover these costs through First Inheritance. When the estate settles, the loan is repaid.
Learn how First Inheritance can help by reaching out today.