Estate settling tasks/suggestions by year-end?

[SensibleandHourly]

Hello community, 

Very random, rather crazy question. 

Recently, there was a sudden, tragic death in my family. During the initial first few days, something (this something that I can't seem to remember!) came up about paperwork, and I remember telling a family member that there was 'something' they really needed to do by the end of the year. I think due to the stress of the loss, I just can't remember what that 'thing' was now. 

Any ideas of what that might forgotten something might have been, would be very much appreciated. Deceased family member had a primary home, and rental home, as well as a taxable investment account, nothing qualified. I'm racking my memory trying to recall, was it something about step-up in basis, tax returns, change in titling......????. Not sure why/how/topic that really needed to be handled by year-end.

Happy Holiday Season and thank you for any and all ideas, 

Dawn 

[IRonMaN]

After Intuit cancelled their mind reading classes, I'm not that good at reading your mind.  But some things to make sure get done as soon as possible include getting an estate ID number (federal and state?), getting things switched over to the estate's name, and possibly getting the properties appraised.

[dkh]

I don't know what that forgotten something might be but I do want to say I'm sorry for your loss.

[BobKamman]

I was going to suggest make sure RMD had been taken, but apparently there is no IRA.  So I will go along with @IRonMaN suggestion of an appraisal, although arranging for that is not something that needs to be done before the funeral (or in the Eastern European tradition, the memorial service 40 days later).  More likely, print out the market price of the investment-account holdings on the date of death, for figuring stepped-up basis.  Hope it wasn't on a weekend, then you have data from two days to deal with. 

[qbteachmt]

I'm sorry for your loss.

The critical year-end stuff has to do with taxes, of course. The more you can change address and ID info on things like 1099, bank, etc, the easier year end will be. But it also depends on what is known vs discoverable. Sometimes, there are things that are only triggered by year end, and it's those first few months of the new year which reveal documents and relationships that were not even known by the surviving family trying to gather all the parts of a person's life.

The other high priority is notifications to services, credit cards and reporting agencies, because once there is a death, it opens the door for scammers. Close and lock credit cards, and you find recurring charges, for instance. Close credit agency records so that reduces fraud. Change locks on the house.

And of course, POA dies with the person, so that might include a change in who is responsible for what. Here's hoping you and your family incur no struggles in the transition.

[SensibleandHourly]

Thank you very much!! It has been a tough fall. 

[SensibleandHourly]

Thank you! If I ever remember, I'm definitely adding to this thread! 😉 

[abctax55]

Dawn, I echo the others as to steps to take.  You can also ask the financial/broker handling the portfolio for help with the DOD valuations.

And I also extend my condolences.  Unexpected is always hard, and then to have it close to the holidays is more brutal.

[SensibleandHourly]

abctax55, 

You are so right!! Holidays just aren't the same right now. 

Really appreciate you and everyone taking a moment to respond. 

Peace to all, 

Dawn