Disclaimer: This article is for educational purposes and does not constitute legal advice.
Under
Detailed Answer
1. Open Probate and Appoint a Personal Representative
Begin by filing a petition with the probate court in the county where the deceased resided. After reviewing the petition, the court will issue letters testamentary if there’s a valid will or letters of administration if there isn’t. The personal representative then gains authority to manage and distribute estate assets. See RSA 551:5 and RSA 552:1.
2. Locate and Secure Estate Assets
The personal representative must identify and take control of all assets. This includes bank and investment accounts, real estate, vehicles, digital assets, and personal property. Review mail, notify financial institutions, and change locks if necessary to prevent unauthorized access.
3. File an Inventory
Within three months of appointment, file a detailed inventory listing each asset and its fair market value as of the date of death. This ensures transparency and accuracy in the administration process. See RSA 553:5.
4. Notify Creditors and Settle Debts
Publish notice to creditors in a local newspaper and send direct notices to known creditors. Creditors have six months to file claims. After the claims period, review and approve valid claims, then pay debts, funeral expenses, taxes, and administrative costs from estate funds. See RSA 553:6 and RSA 553:7.
5. Distribute Remaining Assets
Once all debts and expenses are paid, distribute the remaining assets to beneficiaries. If there’s a valid will, follow its terms (RSA 556:5). Without a will, distribute according to intestacy rules (RSA 556:13).
Helpful Hints
- Maintain detailed records and receipts for all transactions.
- Consider hiring an appraiser for high-value or unique assets.
- Track and calendar critical deadlines for creditor claims and tax filings.
- Communicate clearly with beneficiaries to manage expectations.
- Consult a probate attorney if the estate involves complex assets or disputes.