Summary of Estate Administration Process in Two Steps

Determine how the asset is titled:

1. Is there a surviving joint owner?  If yes, then simply remove the name of the deceased owner. *
2. Is there a named beneficiary?  If yes, then transfer the asset to the beneficiary.
3. Is the asset owned by a trust?  If yes, then follow the terms of the trust document.
4. If none of the above, then the will governs. **

 
*It is a good practice to wait several months before removing the deceased owner’s name from the primary checking account in case there are payments made to the deceased owner after death.
 
**If the will governs, the asset is subject to probate; however, the asset might qualify for the use of a small estate affidavit instead of the usual probate procedure.  Always check whether a small estate affidavit will work before proceeding to apply for appointment as personal representative (aka probate).
 
Determine how asset will be distributed:

1. If outright, then simply retitle the asset in the name of the beneficiary.
2. If restricted or protected using a beneficiary trust, then title the asset in the name of the trust. *
3. If no trust is expressly called for, but the beneficiary is a minor child or an incapacitated adult, then consider alternatives such as custodianship, conservatorship, or whatever other options the governing will or trust document permit. 

 
*If the beneficiary trust already exists (which is unusual), then use the name, date, and tax ID number for the trust when retitling the asset.  If the trust must be established, then you will need to give the new trust its name, date, and tax ID number before moving an asset into the trust.  Usually, this process is formalized with a trust certification document.