Only two things are certain in life....taxes and....well you know. When it happens, all the assets of your loved one need to get collected and transferred and all their affairs need to get wrapped up.
John can help you through this process at a difficult time by handling the Probate, Trust, and Estate Administration in an efficient and caring manner. John combines superior knowledge and experience with kindness, compassion and care. These are difficult times and need a soft hand.
What Needs to be Done in Connecticut to Handle an Estate
Here is a brief outline of what needs to be done in Connecticut to handle an estate. New York has a similar, but very different procedure.
Will Filed Within 30 Days of Death
The Will has to be filed with the probate court on form PC-200 or PC-212 along with a copy of the Will and a Death certificate. This is due within 30 days of death. Believe it or not, there is the possibility of a criminal violation for the failure to file the Will.
Location of the Court
The correct probate court and filing place depends upon where the decedent resided. Connecticut has 54 probate courts and 7 regions and you need to go to the appropriate one.
There is a probate fee of $150 plus .0035 of everything in excess of $10K up to 500K then it drops to .0025. These fees are imposed on all property, including joint and beneficiary property, not just the probate assets. They are computed off the CT Estate Tax Return.
Small Estate Procedure
There is a small estate procedure if you can get under the $40K cap…which is just probate property and doesn't include survivorship assets or those with beneficiaries.
Open a Bank Account
The Estate will probably have to open up a bank account and get Federal Tax ID # in order to take in money and pay bills.
Estate Tax Return within 6 months
CT requires a CT 706 estate tax return be filed, even if a federal one doesn't have to be and if there is no probate. The federal taxable level is about $5M and the CT level is $2M. The return is due 6 months after the date of death.
If you need to probate the Will, you need to file the Probate Petition which is the PC-200 above. You also need to send copies of the petition and will to all the heirs listed on the petition and certify that the copies were provided.
Appointment as Executor
You would be appointed Executor (no bond if excused in Will). If you take a fee, it would be taxable income to you. You do not have any power over the estate and can't do anything with the assets until you are appointed.
Inventory in 2 months
You need to file an inventory of the estate assets on PC-440 within 2 months of appointment.
Creditor Claims 150 days to present
Creditors have 150 days to present their claims to the Executor. If the Executor follows the procedures, he is not liable after that. However they can still pursue a claim from the property distributed to the beneficiaries.
Statute of Limitations on Claims
It is generally 2 years after the Date of Death.
Within 12 months of the decedent's death you need to file a financial report and complete the estate. PC- 246. You have to provide copies of the financial report to each interested party and attorney. The estate should be closed with no hearing based on a waiver of the hearing and agreement of all the parties. PC-245. If you can't get agreement there may be a hearing.
Status Update After One Year
If the estate remains open for longer than one year, the Executor has to file a status update with the court. PC-286. It is filed within three months following the first anniversary of appointment and annually thereafter.
Final Financial Report and Hearing
A final financial report or account must report all distributions made to heirs or beneficiaries, as well as distributions that are proposed to be made. When the court approves the final financial report or account, it will order the fiduciary to distribute the remaining assets of the estate according to the approved distribution.
Affidavit to Close Estate
In some instances you will have to file an affidavit of Closing of Estate. PC-213. The affidavit of closing is used to report receipts and disbursements that occur after the filing of the final financial report or disposition of the reserves.
Close it in One Year
Bottom line, the Executor should be efficient and save money which is best done by getting the estate wrapped in a year if possible.
In this area, the New York Procedure is quite different than the Connecticut procedure so there is a difference of how things are handled if you live in Weston or in Mount Kisco.