Losing a loved one is more than an emotional challenge. Beyond the grief, families are often left with the practical responsibility of managing the deceased’s estate and handling legal matters. Taking the right steps can make this process smoother and reduce the burden on family members during an already difficult time. Here are some essential steps families should take to ensure that everything is managed efficiently and in line with the loved one’s wishes.

1. Locate Estate Planning Documents

The first and most crucial step is to locate the deceased’s estate planning documents, such as a will, trust, or power of attorney. These documents outline the deceased’s wishes regarding the distribution of their assets and can contain other important instructions, such as funeral preferences.

If the location of these documents is known in advance, it will save time and prevent unnecessary delays. Estate planning documents are often stored in home safes, bank deposit boxes, or with lawyers, so having access details, or keys ready is essential.

Ensuring that legal documents are accessible requires more than just storing them safely—it means proactively sharing information with those who will need it. Families must know where these documents are kept and how to retrieve them to prevent unnecessary complications.

2. Identify and Notify the Executor of the Estate

Once the estate planning documents are located, the next step is to identify and notify the executor or trustee named in the will or trust. The executor is responsible for managing the deceased’s estate, paying debts, and ensuring the assets are distributed according to the will. If no executor is named, or if the named person is unavailable or declines the role, the family may need to petition the court to appoint one.

The executor has a legal duty to act in the best interest of the estate and its beneficiaries, so it’s important that they quickly take control of the estate’s affairs to prevent any mismanagement or confusion. The executor should begin gathering necessary documentation, including bank account statements, property deeds, insurance policies, and investment records.

3. Hire a Lawyer or CPA to Assist with Valuations and Transfers

Handling an estate can involve complex financial and legal processes. Therefore, it is often advisable to hire a lawyer or CPA who specializes in estate management. These professionals can guide the executor and family through the following critical tasks:

Asset Valuation: A lawyer or CPA can help determine the value of the deceased’s properties, bank accounts, investment portfolios, and other assets. This is important not only for inheritance purposes but also for tax filings.

Transfer of Ownership: They will ensure that all titles, deeds, and accounts are properly transferred to the beneficiaries according to the will or trust.

Debt Settlement: The estate may have outstanding debts, which need to be identified and paid before assets are distributed. A lawyer can help ensure debts are settled correctly to avoid legal issues later.

Handling Taxes: Estates are often subject to inheritance or estate taxes. A CPA can assist in filing necessary tax returns and ensuring compliance with federal and state tax laws.

Hiring professionals can streamline the process, prevent costly mistakes, and provide peace of mind for the family.

4. Using an Asset List to Identify All Accounts and Property

Having a complete and accessible asset list is essential for a smooth inheritance process. The estate planning documents may outline how assets should be distributed, but they often don’t provide a detailed inventory of everything the deceased owned. Without an asset list, it can be difficult to locate hidden or forgotten accounts, leading to delays or financial losses if some assets go unclaimed.

Families and executors should look for the following:

• Bank accounts, savings, and investments (including retirement accounts)
• Real estate holdings and property deeds
• Insurance policies (such as life insurance)
• Valuable personal property, such as jewellery, vehicles, and artwork
• Digital assets, like cryptocurrencies or online accounts

If the deceased did not maintain an updated asset list, it may create unnecessary challenges for the families to identify, locate and claim the deceased’s assets. Therefore it is essential to have an up to date list of the deceased’s assets and for the family to know how to access it.

Using tools like SmartHeritance, purpose-built for inheritance management, can be very valuable at this stage. With SmartHeritance, you can easily keep your asset information and documentation secure, up-to-date, and ensure those details are proactively accessible when needed.

5. Notify Financial Institutions and Government Agencies

Another important step is to notify relevant institutions and agencies of the death. Some of the key contacts include:

• Banks and financial institutions: Inform banks to prevent unauthorized access and ensure proper handling of accounts.
• Insurance companies: File claims for life insurance or other policies the deceased held.
• Social Security Administration: Notify them to stop any payments and prevent identity fraud.
• Employers or retirement fund managers: Contact any former employers to process pensions or retirement accounts.

Each of these organizations may require a death certificate to process the notification, so obtain multiple certified copies of the death certificate from the funeral home or county office.

6. Manage Funeral Arrangements and Immediate Expenses

In addition to managing the estate, the family will need to arrange the funeral or memorial service according to the deceased’s wishes. If funeral preferences are outlined in the estate documents, these instructions should be followed. In the absence of such instructions, the family must decide on the arrangements based on the deceased’s values and traditions.

There may also be immediate expenses—such as funeral costs or outstanding medical bills—that need to be covered before the estate is settled. Executors or family members may use estate funds to pay these costs, but they must keep detailed records for transparency.

7. Communicate with Family Members and Beneficiaries

Clear communication is essential during the inheritance process to reduce misunderstandings and prevent disputes. The executor should keep all beneficiaries informed about the progress of the estate’s administration, including the timeline for distributions and any legal or financial challenges that arise. If disputes arise among family members, a lawyer or mediator can help resolve them.

Managing a loved one’s estate can be an emotionally draining and legally complex task. By locating estate planning documents, notifying the executor, and hiring professionals to assist with valuations and transfers, families can ensure a smoother inheritance process. Having a complete asset list and up-to-date is essential to avoid financial loss from unclaimed assets. Clear communication and thoughtful planning can make this difficult time a little easier, allowing families to focus on honoring their loved one’s legacy.

Using SmartHeritance can make inheritance planning a seamless experience, ensuring your assets go to your loved ones without unnecessary complications. Start organizing your estate today with SmartHeritance, and help make the future easier for those who matter most.