3 Key Things You Should Know About the Estate Administration Process
When someone dies, their estate can be exposed to various legal issues. This can involve inheritance laws, critical tax considerations, or issues related to debts and assets. It may also involve the management of a business or other assets. When dealing with these issues, it's vital to work with a lawyer to advise you on your legal rights and help you to protect them. This article focuses on three key things you should know about the estate administration process.
1. Conducting an Inventory of Assets and Debts
When dealing with an estate, it's essential to conduct an inventory of all the assets and debts. This will give you a clear picture of the financial situation at hand and help you make informed decisions about how to proceed. If any assets are not part of the estate, they can be transferred.
After conducting the inventory, it's important to take care of any debts and liabilities during this process. These should be settled as quickly as possible to avoid unnecessary additional fees. Plus, if you don't pay off the creditors, the estate will accumulate more debts.
Working with an attorney when conducting an inventory is advised. They will ensure you're filing all the appropriate documents and everything is in order. They'll also guide you through the entire process and advise you on your legal rights and obligations.
2. Settling the Estate
Once the inventory is complete, the estate should be settled. This includes paying off any outstanding taxes and distributing assets to beneficiaries. Estate lawyers ensure all documentation is filed correctly. This way, the estate will be distributed according to the deceased's wishes.
Attending a court hearing for estate administration is not necessary for most estates. However, if there are creditors who have been left out of the settlement agreement, they may file an objection to the settlement plan with the court. If this happens, you should hire a lawyer to attend the hearing and defend your case against these objections.
3. Preparing for Probate
Probate is designed to enable individuals who die without leaving behind a valid testament or trust to pass their assets onto their heirs. It can be done through public or private probate processes depending on the type of assets involved and where they're located in the country. A lawyer will make sure this process is started and completed efficiently.
Administering an estate is a complicated process requiring legal knowledge, a lawyer, and the proper tools. Hire an estate administration attorney today if you want this process to be done correctly.