Wrapping It Up

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Once you've resolved the debts, paid any applicable taxes, funded executor compensation, and distributed the remaining estate, you're pretty much done.

Overview Tab

Just to be sure, check that the Estate Disposition bars in the Overview tab are all at 100% (for example, all debts resolved). If any heirs have been specified for a specific percent of estate distribution, ensure those heirs' distribution percents match their targets in Heir Target Allocations chart at the bottom of the tab.

Charts and graphs showing overall progress and status

Trust Termination

Trusts terminate when the defined termination date or event occurs, such as the death of a beneficiary or the date the beneficiary attains a stated age. If you are the executor of an estate, and the trustee for an associated trust, you do not have to wait for the trust to terminate before closing the estate.

Probate Final Accounting

If the estate has gone through an official probate process, you must submit (and get approved) a "Final Accounting", which shows how you handled the estate assets: what income the estate generated, what losses, how much you paid the individual creditors, and how much you distributed to heirs. This step is known as "passing of the accounts".

Example first page of Final Accounting report for estate probate settlement

Close Down the Estate Account

By this time, there really shouldn't be anything left in the estate, other than perhaps the estate bank account you opened. You probably closed this account when you distributed the proceeds, but if not, now's the time.

Prepare Your Own Estate

It's never too early to start planning your own estate. You may wish to organize a formal estate plan, or simply ensure you have a will and a health directive in place. There are a number of options, some simple, and some a little more involved. Services such as GoodTrust can help with a variety of these advance options, and you may wish to set up an EstateExec estate for yourself so that when the time comes, your executor will know what to do and will have the tools necessary to make the process as simple and as easy as possible

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