The probate and trust administration process can be quite complicated. There is typically a myriad of paperwork, financial accounts, insurance policies and retirement plans, as well as real and personal property to deal with. Paying special attention to beneficiary designations and how assets are titled is crucial during this time, and Insight Law can help ensure the estate is properly administered.
In the absence of a Will or Trust, property titled in the decedent’s individual name will be settled under state intestacy laws. As the overseer of a decedent’s estate, the personal representative or trustee has a duty to settle and the duties of a personal representative or trustee include but are not limited to:
- Petition the appropriate court for authority to settle the estate
- Take possession or control of estate assets
- Determine who inherits estate assets and at what value or percentage
- Value or appraise assets
- Prepare an inventory of property of the estate
- Manage, protect and preserve the estate until distribution or liquidation
- Notify and pay applicable creditors
- File the decedent’s final tax return
- Pay estate taxes, if any
- Prepare a final accounting
- Distribute the estat
Bobby Explains the Different Roles in an Estate Plan
Bobby Shares the Inner Workings of Trusts
Overview of What to Do When a Loved One Passes Away
The settling of one’s affairs is a time sensitive and demanding process. There is much to know and even more to do. We welcome you to contact us to schedule a meeting to discuss your needs.