When a loved one passes away, families are left to deal not only with the emotional weight of loss, but also with a number of legal and financial responsibilities. Whether the estate is handled through probate or administered through a trust, someone must take on the task of gathering information, settling obligations, and distributing assets.
A common question arises:
If your parent passed away today, would you know what steps to take?
The Reality of Estate Administration
Estate administration is the legal process of managing a person’s assets after death. This includes everything from locating accounts and paying final expenses to transferring property to beneficiaries.
Even with a strong estate plan in place, problems often arise if the executor or trustee cannot find the basic information they need. Common issues include not knowing:
- Where bank or investment accounts are held
- Who services the mortgage
- Who prepares the annual tax returns
- Whether life insurance exists, and where to find policy details
When these questions go unanswered, families may experience delays, incur additional legal fees, and face unnecessary stress during an already difficult time.
A Meaningful Gift: Clarity and Preparation
One of the most helpful and meaningful things a parent can do is provide basic estate information in one place. This does not necessarily mean sharing all financial details while living. Instead, it may be as simple as compiling documents and instructions in a secure location, such as a locked drawer, fireproof safe, or with a trusted professional.
Some people prefer to discuss this information openly with their children or named executor, while others may choose to provide access only after death. Either approach can work, as long as the relevant information is available when it is needed.
What to Include
Below is a list of key items that should be gathered to assist with estate administration:
- A current will or trust
- Pre-arranged funeral or burial instructions
- List of all financial accounts and the institutions where they are held
- Life insurance policies, with contact information
- Deeds to any real estate owned
- Car titles and vehicle documentation
- Usernames and passwords, or instructions for locating them
- Contact details for your attorney, accountant, and financial advisor
- Statements or contact information for any investment plans or retirement accounts
A brief written note outlining any personal wishes or clarifying your intentions can also be helpful. While legal documents will ultimately control the process, this additional guidance may help reduce confusion or family disagreement.
Indiana-Specific Considerations
In Indiana, estates that do not use a living trust typically go through the probate process. This means the court oversees the administration, and the executor must formally report on the estate’s assets, debts, and distributions. Even for trust-based plans, many of the same responsibilities apply.
If family members or executors do not know what assets exist or where to find them, both probate and trust administration can become significantly more complicated.
Make Things Easier for Those You Love
Estate planning is not just about legal documents. It is also about practical preparation. By organizing essential information and keeping it in a known location, you give your family the clarity and confidence they need when they will need it most.
At Martz & Lucas, we help families throughout Northwest Indiana prepare for the future and administer estates with care and confidence. Whether you are planning your own affairs or stepping into the role of executor or trustee, we are here to guide you every step of the way.
Contact us today to schedule a confidential consultation and take the next step toward peace of mind.