Step 4: Manage finances
You will need to close the testator’s bank accounts and cancel all their subscriptions, credit cards, and utility bills (phone, cable, etc.). Then, inform all other parties (such as banks, brokers, tenants, landlords, doctors, post office, Social Security Administration, and more) of their death.
At this stage, you can open an estate account to manage the deceased’s debts and assets. You can open an estate account through a bank. Usually, they will require a death certificate, a copy of the Will, and proof of probate.
If applicable, you may collect Social Security or any other money owed to the deceased, such as wages or dividends, and deposit the funds into the estate account. You can then continue to pay for the deceased’s outstanding debts, such as mortgage or insurance bills, with this money.
When you are managing the deceased’s financial accounts and assets, you may wish to hire a professional accountant and pay for it with the estate.
It’s essential to follow the testator’s wishes regarding specific gifts or property. For example, make sure no one sells any items that have been gifted in the Will to cover the deceased’s debts, such as a classic car that a nephew is to inherit. However, if there are no other assets that can cover debts, specific gifts can be sold.