by KYW's Salil Gutt
Settling an estate is not rocket science. You can spend a lot of money by turning the whole process over to professionals. Or you can save a lot of money by having family members doing the running around and using the pros for brain power. Here's a quick primer on how to settle an estate.
First step. Take the original will along with the executors to the courthouse in the county where the decedent lived. You will receive something called "letters testamentary" also called a short certificate. Ask for several copies of the short certificate as everyone will need an original. With these papers everyone - banks, realtors and investment firms know you are authorized to represent the estate.
Next. Ask the funeral home to get a dozen or more copies of the death certificate and, open a bank account in the name of the estate and ask the lawyer to get you a tax number. Then, contact all of the investment firms and get the date of death values. If there is real estate to be sold then get that job done yourself.
Now go to a professional and they will do the rest. The actions you have taken are responsible for the bulk of professional billings.
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