Sadly, no. And depending on what combination your parents have, you’re going to have to do things differently. Quick reminder: I AM NOT A LAWYER AND NONE OF THIS IS FORMAL LEGAL ADVICE. :)

Where there’s a will…

A will is pretty much what you’re imagining: a signed and witnessed document that details what your parents want to happen with their assets after death. The will will (ha) also name an executor—that person is in charge of making sure the will is properly carried out. It’s probably you or one of your siblings—maybe another relative. It might be your parents’ lawyer, though that’s less common. If no executor is listed (weird) or if the executor listed has died in the meantime, the courts will have to appoint a new one. 

If it’s you, congrats! You’re legally obligated to do a whole bunch of work you never asked for!

If there is only a will, you will need to go through probate court in the county of your parents’ residence. (If they owned real estate in another location, you’ll have to go through probate court specifically for that property in the county where it’s located.) Probate is a public process, which means it will all be part of the public record. 

First things first: register the will with the court. Once they approve you as executor, a judge will give you letters of administration which serve as legal permission for you to handle the estate’s affairs. What are those affairs? Here’s an incomplete list: 

• Locating and documenting the estate’s assets and their respective values

• Notifying beneficiaries of the will 

• Notifying creditors (filing in probate gives creditors a strict deadline to make a claim on the estate, so it’s actually a good thing)

• Creating and maintaining a bank account for the estate, and using the estate’s money to pay remaining debts (creditors, taxes, etc.)

• Distributing money and property to the beneficiaries after all other estate debts have been paid

• Closing the estate

Sound complicated? It is. Have you considered hiring an estate attorney to help you? You can read this Investopedia article for a more detailed overview of the process: “Probate: What It Is and How It Works With and Without a Will”

Every state and county does probate court differently, so you should Google how it works in yours. Good luck.

Trusts are for rich people, right?

Not necessarily. You can put as much or as little as you want in a trust, as long as you can afford a lawyer to help you create the trust in the first place. Why would your parents do this? If they have a living trust, you don’t have to go through probate court when they die. It makes things slightly easier—emphasis on slightly.

What exactly is a trust? That’s a great question—one that I posed to my dad’s lawyer in several different ways. Is it a document? There are documents associated with it, but no—it’s not a specific document. Is it a physical object of some kind, like a safe deposit box? Not that either.

Essentially, a trust is a legal concept. An imaginary legal box. When your parents put their assets in a living trust, they technically no longer own those items—the trust does. They are merely trustees. Typically people will put all their largest assets into a trust—properties, investments, etc. Anything that is not in the trust has to go through probate court.

That’s why lots of people who have trusts also have a will—a pourover will which states that everything not already included in the trust should go into the trust upon their death. (If your parents do have such a will, it’s a good idea to register it with the county even if you don’t have to go through probate. That way it’s harder for anyone to contest.)

Trusts are either revocable or irrevocable. Revocable trusts are more common because they’re easier to change or cancel—they only become permanent when the trustee dies. Irrevocable trusts can’t be changed or canceled during life or death—but they’re also not subject to estate taxes, which is often why people choose them.

So how do you know which assets are in the trust and which aren’t? Another great question—and a question to which your parents’ lawyer probably won’t have the answer. The trustee is responsible for keeping a list of assets and designating which assets are part of the trust. Did my dad keep such a list? He sure didn’t!

There are other ways to tell. You should look for legal documents putting the properties into the trust—your parents’ lawyer might have some of these. You can also check your parents’ mail—statements related to assets that are part of the trust are addressed to the trust itself.

Just like a will has an executor, a trust has a successor trustee—the person who becomes responsible for the trust when the original trustees die. It’s probably you or one of your siblings. A trust continues existing regardless of whether a trustee exists; if the named successor trustee is no longer living, or if they simply refuse to do the job, the court will appoint a new one.

If you’re the successor trustee, congrats! You’re legally obligated to do a whole bunch of work you never asked for! (Estate attorneys can also be very helpful when it comes to trusts.)

What if my parents didn’t leave a will or a trust?

When I initially wrote this section, the first word I used was “yikes.” But that was before I learned less than half of Americans have a will. If your parents died intestate—the fancy way to say they had no will or trust—you’re in good company.

In cases of intestacy, you still have to go through probate court. But since there’s no will, you have to petition to be the personal representative of the estate. Once the court approves your petition (theoretically they could deny it if others petition), the process is similar to that when a will does exist—except the courts determine who inherits what. 

Typically it goes by closest blood relatives. No, stepchildren don’t always count, unless they were formally adopted. Creditors get first dibs on the money before any heirs. There—that deserves a yikes.

As always, the rules for probate in cases of intestacy differ state by state, so you’ll have to check. Guess who can help you? An estate attorney.

What if my parents didn’t leave much money?

In most states, if your parents’ estate is worth below a certain amount, you do not have to go through probate court in the same way—but you have to get an affidavit from the court proving that the estate is small enough. This is called simplified or summary probate. 

As usual, the rules for this differ from state to state; “small” is much larger in California than it is in Mississippi. Google the state in question + probate + small estate. Regardless of location, you’ll have to produce a list of the estate’s assets and what they’re worth. 

An estate attorney can certainly help, but keep in mind they will take a cut of what little is left. Still, it might be worth it given how complex the process can be.