When a loved one passes away and you and the family are contemplating how to start taking care of the estate, there are certain actions that can be taken to help secure and protect the estate. The first thing that should be done by a trusted family member or the person who will be the Administrator of the estate is to secure the property and assets of the individual. This can mean making sure that the property is locked and protected from vandalism and theft. This can also mean taking personal property from a vacant home and putting it into a secure, safe location. When removing property from the vacant property of the decedent, you MUST establish and maintain a thorough inventory of all assets removed and document where all assets were moved to because everything must be tracked and accounted for. Another proper step at this point is to gather all financial related information including bank account information, bank statements, mortgage information, information on any debts owed, and any other information necessary to have the tax return completed for the decedent. It is important to note that these tasks can be done shortly after a person passes away so that the estate can be protected but there are certain things that you CANNOT do and we will discuss what NOT to do in the next post.
The information provided herein is for informative purposes only, it is not a complete description of Arkansas law, it is written for ease of understanding, and it does not constitute legal advice. You should seek specific legal advice for your particular case.
