The Credit Professional Winter 2018 Dec_2018_magazine | Page 17

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Another option is working with
a nonprofit Consumer Credit
Counseling Service (CCCS)
agency. The CCCS provides
free or low-cost confidential
consultations with professional
budget counselors trained and
certified by the National
Foundation for Credit
Counseling (NFCC).
Call 800-388-2227.
These advisers can help you
invest your money in a way that
matches your risk tolerance
and long-term goals, such as
helping children pay for college
or saving for your retirement.
process if the estate is less than
a certain value or if all property
is going to a surviving spouse,
so check requirements in your
state. Proper estate planning
can reduce the assets required
to go through probate
You may need help dealing with altogether. For example,
legal issues, taxes, and other
assets titled with a “right of
concerns. An accountant and
survivorship” pass directly to
attorney can help you sort
the survivor.
through these issues. If you
To protect yourself from
don’t already have relationships As part of the probate process,
potential scams, look for an
in place, now is a good time to
expect the court to name an
agency that is a member of the ask friends for referrals.
individual to manage
NFCC. For more information,
Check references to find
administration of the estate.
visit the Federal Trade
trustworthy professionals.
If there is a will, that person
Commission website and
typically is the executor or
search for “choosing a
While it’s fine to ask friends and personal representative named
credit counselor”.
advisers for general advice, it’s in the will. If the decedent died
best to share the specifics of
without a will, the court will
If you need help figuring out
your situation only with
appoint an administrator.
how to invest lump-sum
professionals and immediate
payments such as insurance
family members. Share
The probate process includes
or benefit payouts, talk to a
information sparingly because, confirming that the will is valid;
financial or investment adviser. sadly, family members and
informing creditors, heirs,
Many credit unions offer
friends often lead the list of
and beneficiaries about the
referrals to reputable
those who commit identity
decedent’s death and pending
investment advisers.
theft. Keep details about
distribution of the estate;
your financial holdings and
collecting and managing assets
relationships confidential to
until probate is completed;
protect yourself from fraud
paying debts and state and
and financial scams.
federal taxes; and disposing of
assets and distributing assets
of the estate as specified by
Will you have to go
state law and the will.
through probate?
Probate is a legal proceeding
used to wind up the deceased’s
personal affairs, including
paying debts and taxes as well
as collecting and distributing
assets to beneficiaries. The
need for probate depends on
where your spouse lived, how
much he or she owned, and
how his or her assets are titled.
Some states exempt certain
property from probate or
provide a simplified probate
Expect to pay a fee—out of the
estate—to complete the probate
process. If your spouse’s estate
is large or complex, consider
retaining a lawyer to help you
through the process.
Will you owe taxes?
The amount of tax you may owe
depends on where you live,
what you own, and what
you inherit.
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The Credit Professional
16
December 2018 l