Estate Settlement

Welch & Forbes has been settling estates for over a century. Our portfolio managers take pride in creating trusted relationships with their clients, and maintaining a comprehensive understanding of the client’s financial circumstances and family relationships. Welch & Forbes professionals often act as personal representative, either together with a family member or as a sole, disinterested party during the settlement of a client’s estate. Welch & Forbes professionals are able to act in this capacity because of the support provided by our Estate Settlement Department.

The Welch & Forbes Estate Settlement Department relieves the family’s burden of securing the various professional services needed to settle an estate. The Estate Settlement Department coordinates the necessary relationships, as outlined below, and serves as a professional liaison between the service providers and the family. The successful administration of an estate depends upon communication and coordination between the various parties involved.

The Estate Settlement Department arranges for:

• Legal representation to present the Will for allowance at the Probate Court.
• Representation of the estate in real estate transactions.
• Preparation and filing by Welch & Forbes’ Tax Department, of estate tax returns, final individual income tax returns, and trust and estate income tax returns.
• The prompt opening of an estate account to pay expenses that arise after a client’s passing. This account will facilitate the preparation of a precise and organized probate accounting.
• Family meetings to outline the settlement process. Detailed summaries of the will and trust instruments are provided, as well as a projected timeline of the settlement process.
• Appraisers, brokers, and other professionals to assess estate assets and advise on their disposition.
• Various administrative duties such as closing accounts, coordinating with creditors, paying on-going bills to maintain estate property, collecting insurance policies, canceling credit cards, terminating Social Security payments, forwarding mail and cancelling subscriptions and other necessary duties to ensure that every detail is tended to properly.

Depending on the complexity of the estate, the value of the assets and the time frame for receiving an estate tax closing letter from the authorities, it is not uncommon for full administration of a taxable estate to take two to three years. Welch & Forbes is prepared to be with you every step of the way.