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Scott & Huff, P.C. 1000 S. Garfield Ave. Suite 3 Traverse City, MI 49686 (231) 933-5322 |
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What steps do I take if my spouse dies and all our property was joint? We are often asked what a surviving spouse should do when all the assets were jointly held and there is no Federal Estate Tax return to be filed. The following is a punch list of things to do. The Funeral - discuss with the family how splendid a funeral/memorial service and marker you want. Remember that the funeral director will be pleased to provide you with as much service or product as you wish. These expenses will come out of what will be your available resources. Filing the Will - File with the Probate Court in the County of domicile of the deceased his or her Last Will and Testament. The Will must be filed even if there are no assets to be probated. Filing the Will is not the same as probating the estate. Record the Death Certificate - Deliver a certified copy of the death certificate to the County Register of Deeds office in every county in which there was tenants by the entireties real estate. If possible wait there until the death certificate is recorded. Place this copy of the recorded death certificate with the deeds to your home and any other tenants by the entireties real estate. Asset Retitling - Send certified copies of the death certificate to all mutual fund sponsors and brokers. Request retitling of assets in the sole name of the survivor if the assets were jointly owned. Check to make sure that this is done on the next statement. Social Security - Send a certified copy of the death certificate to the Social Security Administration or be assured that the funeral director has done so. Check with the local office for where to file this death certificate if it is up to you to do so. You may have to send back a check for the month after the month of death if the check arrives shortly after death. Financial Institutions - Show or send a certified copy of the death certificate to financial institutions where there are any joint bank accounts to have the name of the deceased taken off. Expenses - Secure all bills for the funeral, burial, etc. along with medical expenses. Review carefully and have medical expenses paid first by any available health insurance and Medicare before making your contribution. However, reserve sufficient amounts in cash in order to pay your share of such bills and the funeral bill. The funeral director will generally speaking make application to social security for the $255 that is payable by social security. Durable Powers of Attorney - For the surviving spouse: remember that the durable powers of attorney that you have executed will allow your designated agent to act on your behalf in the event that you are incapable of acting. It may be appropriate to have a new durable powers of attorney drafted at this time if the primary designated attorney-in-fact is now deceased and it will save having to prove the death of the primary agent. Similar action should be taken with regards to the patient advocate designation. When the time seems right you may feel it is appropriate to make some changes in your existing estate planning documents to suit your new situation or if dealing with any of the above items proves to be more complicated than you can handle, please call our office to arrange an appointment where we can evaluate your needs and those of your family to best protect your assets through all of life's changes. Wait to Gift - I generally recommend to clients that they not take any significant steps with regards to property, that is sale, gift, etc. for at least a year after the death of the first spouse to die. Wisdom with regards to such matters is often clouded by separation anxiety associated with the death of a spouse. © Scott & Huff, P.C. |
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