Estate settlement is the legal process of settling the personal and financial affairs of someone who has died. By serving as executor of your estate, our experienced Estate Settlement team can ensure your assets are distributed per your wishes, with the utmost sensitivity, efficiency, and privacy.
Estate Settlement Timeline
Within the first month
Schedule meeting with family/beneficiaries, Financial Advisor and Baird Trust Team
Establish a communication plan that keeps beneficiaries well informed throughout the process
Contact the attorney to start the probate process, if applicable
Contact tax advisor to discuss personal and fiduciary income tax returns and schedule for estate and gift tax filings
Notify the IRS of executor and/or trustee appointment
Notify the USPS to have mail forwarded
Secure home (if applicable)
Coordinate with an insurance agent to have the home, vehicles and other assets properly insured
Within the second month
Obtain asset and debt information from family, advisors and/or third parties
Contact utilities and creditors and change names on accounts
3 to 6 months
Appraise and value all estate/trust assets
Generate cash for payment of specific bequests, taxes, debts and administration expenses
Distribute tangible personal property
Check for unclaimed property
Arrange periodic distribution of income to residuary beneficiaries
7 to 9 months
Finalize all information needed for estate/inheritance tax purposes
File estate/inheritance tax returns or make the decision to extend the filing deadline of these returns
Examine the availability and appropriateness of making postmortem tax elections and disclaimers
10 to 12 months
Pay specific bequests (if creditor’s claim period has expired)
File the decedent’s final personal income tax returns or make the decision to extend the returns
Create a reserve fund for taxes and expenses
Make partial distribution to residuary beneficiaries
13 months and beyond
File fiduciary income tax returns
Obtain estate/inheritance tax clearance letters
Close estate with probate court
Make final distribution to residuary beneficiaries
Baird Trust Estate Settlement
Estate settlement necessarily happens at a very sensitive time in your life, which is why Baird Trust’s professionals go the extra mile to ensure that all your needs are taken care of, both emotionally and financially. In this video, the Baird Trust estate settlement team explains the process of settling an estate and why everyone will eventually need an executor to handle their affairs.
How Baird Trust Can Help
Baird Trust can serve as the appointed executor or as the agent for an appointed individual executor to settle the affairs of the deceased. In this role, our team secures the decedent’s assets, assists the estate’s attorney in preparing legal and tax documents, and distributes the estate assets.
Baird’s Estate Planning team can work with you to help safeguard your assets, mitigate the impact of taxation and ensure that your estate provides long-term financial support and peace of mind for the people and causes closest to you. Your Baird estate planner can also coordinate with your outside counsel and accountants to develop strategies designed to protect and distribute your wealth.
