Did You Know That Richardson Professional Solutions Provides Family Estate Assistance?
Here is a Breakdown of the RPS Team’s Methodology for Estate Planning Assistance:
Initial Consultation: Meet with the client or their representative to discuss the estate’s needs and objectives. If hired, the RPS team will start by gathering information about the living or deceased individual’s assets, liabilities, and any relevant documents such as wills, trusts, or insurance policies.
Asset Inventory & Valuation: Compile a comprehensive inventory of the living or deceased individual’s assets, including real estate, investments, bank accounts, retirement accounts, vehicles, personal belongings, etc. Work with appraisers or other professionals to determine the value of assets, especially for items like real estate, collectibles, or artwork.
Debt & Liability Assessment: Identify and document any outstanding debts, loans, or liabilities owed by the living ( that might still be owed at the time of death) or the deceased individual’s actual non-speculative debt. The RPS team will then coordinate with creditors to settle any outstanding actual debts, if necessary, using available estate assets.
Probate Process: Assists assist with the probate process (in the case of working for the beneficiaries or family of a deceased individual’s non prepared estate) and then if required, will include within the scope and limit of legal boundaries plus state laws with the actual filing of the remaining necessary paperwork with the probate court and obtaining letters testamentary or letters of administration. The RPS team will complete this process by facilitating communication between the executor or administrator of the estate and the beneficiaries.
Beneficiary Identification & Notification: The next part of the RPS estate planning and asset distribution assistance is to Identify all beneficiaries named in the deceased individual’s will or trust. In the case of being hired after the client is deceased RPS will notify beneficiaries of their entitlements and provide them with relevant information about
Tax Compliance: Prepare and file any necessary tax returns on behalf of the estate, including income tax returns, estate tax returns, and inheritance tax returns. Coordinate with tax professionals to minimize tax liabilities and ensure compliance with tax laws and regulations.
Legal and Administrative Support: Provide administrative support throughout the estate administration process, including maintaining accurate records, preparing legal documents, and corresponding with relevant parties. Work closely with estate attorneys or legal advisors to address any legal issues that may arise during the administration process.
This breakdown outlines the key tasks involved in providing estate assistance services and can be tailored to meet the specific needs of individual clients and estates.