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Does a Will immediately and automatically transfer money to your family when a parent dies?
Does a will immediately and automatically transfer money to your family when a parent dies? Usually not. A will tells everyone who gets what, but it typically does not immediately transfer assets or avoid probate. The estate may need to go through probate Certain accounts may be temporarily frozen or restricted Someone usually needs legal authority to manage the process Here are some common steps to take. • Ordering death certificates for banks, brokerages, insurance companies, etc • Being officially appointed as executor through probate • Obtaining an EIN from the IRS and opening an estate bank account • Addressing any required estate tax filings or tax waivers and properly documenting the step-up in basis • Then distributing assets to heirs That step-up in basis piece is really important. Proper documentation can help heirs significantly reduce the capital gain taxes when they sell the investment. The toughest part in all of this is that most people only go through this once or twice in their life and are trying to figure this out at the worst possible time. If you have a financial advisor, be sure to loop them in to help walk through everything that needs to be done. #estateplanning #financialplanning
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