Losing a loved one is hard enough without the added stress of finances. This should be a time for grieving and healing, not making financial decisions.

As a recent widow or widower, you may be faced with a terrible shadow of grief, fear and uncertainty. Now add to this the responsibility of being the executor of your spouse’s estate.

For others, your loss may not have been a spouse, but a parent, sibling or other family member who asked you to perform the role of executor or trustee. As the executor of an estate or trustee of a trust, you may be faced with similar feelings of uncertainty because this role is unfamiliar to you.

As executor or trustee, it is your responsibility to carry out the wishes of your loved one as spelled out in their Will or Trust. This is known as the estate settlement process.

This process can be time consuming, complicated, and confusing for those going through it for the first time. Even if you have performed this task before, each estate is different and can come with its own challenges.

Several professionals may be required to assist you in the estate planning process, such as,

• Financial Advisor
• Estate Attorney
• Tax Preparer or CPA

Many times, executors and trustees will contact the attorney that prepared your loved ones Will or Trust. You may find that the attorney has retired or is located in a different town than where you live and finding someone local is more convenient.

A financial advisor can assist with the financial side of the process, such as:

• Creating an inventory of assets and their value
• Communicating with the investment companies or banks holding the accounts
• Identifying the distribution options for the accounts and what the tax consequences of those options
• Opening new accounts for the estate and beneficiaries
• How and when to transfer assets to the beneficiaries
• How and when to pay remaining debts and expenses
• Communicating with family members
• Coordinating with other professionals, such as tax and legal

As you can see, the estate settlement process can seem overwhelming, and you may find yourself wondering where to begin. The good news is that you are not alone, I am here to help.