When someone dies (referred to as a "Decedent"), the Decedent's surviving family members and/or friends need to gather up the Decedent's assets, pay any debts and expenses, and distribute the Decedent's remaining property to the proper beneficiaries. In many cases, tax issues will need to be addressed. Different procedures will be required, depending on the type of assets that the Decedent owned, the specific details of the Decedent's estate plan, and the circumstances that exist at the time of death. The Estate Administration Worksheet provides an outline of the general procedures that must be followed in handling an estate where the Decedent's primary estate planning document is the Decedent's Will. The initial portion of the Worksheet provides explanations and anticipates that the user will enter information as the program leads you through a series of questions. The Worksheet can then be printed out to be used as a general guide. Additional information as it becomes available can be written onto the paper copy, or the user can use this program to update the worksheet, or the user can export the worksheet to a word processor to customize the worksheet to better fit the user's particular circumstances. This Worksheet helps to organize the Decedent's personal, legal, and financial information for the benefit of the persons who will be responsible for handling the estate, often a close family member and a lawyer. The family member is often appointed as the "Executor", "Administrator", or "Personal Representative" in accordance with formal probate proceedings. This program generally uses the familiar term "Executor." This program recognizes that handling an estate requires an understanding of the estate administration laws of the state where the estate will be handled. While the procedures of most states are similar to the procedures in other states, there can be important distinctions. Further, handling an estate requires an understanding of federal and state estate and inheritance tax laws and federal and state income tax laws. The process can be intimidating, almost always requiring the assistance of an attorney and/or tax professional. However, this program helps take some of the mystery out of the process and helps the user understand what will be expected. |