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Distributing Client Assets in a Timely Manner
When a person passes away, all of their individual possessions become part of their estate. An estate includes money, real estate, stocks, bank accounts, personal belongings, and any other assets under your name. Estate law governs these assets and what happens to them after you die. With a solid estate plan, your family can distribute assets efficiently without long delays in probate court.
The estate administration refers to collecting and managing the estate assets after a loved one passes away. This includes paying debts, paying taxes, and dividing assets between beneficiaries and heirs. If you are the executor of an estate or a personal representative of an estate, it is essential that you understand the estate administration process. Knowing about the estate administration process can also help you when creating an estate plan.
Our team at the Law Offices of Patricia G. Micek PLLC, understands how overwhelming it can be to deal with a loved one’s estate. We are dedicated to providing legal guidance and advice, using our extensive backgrounds and experience in estate law to help guide you. If you have any questions or would like to learn more about our services, call our office today at 914-533-1756.
What is an Estate Administration?
An estate administration refers to managing the assets in an estate after the owner of the estate dies. The executor of the state is in charge of inventorying these assets as well as paying taxes, paying creditors, and distributing the assets to their rightful beneficiaries.
The executor of an estate is typically named in a deceased person’s will.
If a person dies without a will, it is referred to as “dying intestate.” Dying intestate means that a person’s assets are left to be distributed as the state of New York decides. The court will assign a personal representative to oversee the execution of the estate administration.
Who Can I Choose as My Personal Representative or Executor?
If you are creating a last will and testament, you can choose a trusted loved one to be the executor of your estate. Anyone above 18 can be an executor, although it is crucial to choose someone you trust and who will act in good faith. Many people choose their spouse to be the executor of their estate, but you can also choose a sibling, adult child, or close friend.
When someone dies without a will, the court will appoint a personal representative. The court can also appoint a personal representative if the will has no executor listed or multiple individuals apply to be the personal representative. If you have multiple people you would like to nominate as your personal representative, by law you can include more than one name in your will.
What Does an Executor or Personal Representative Do?
After the court appoints a personal representative, there are many duties they must fulfill before the estate can be closed. The court will use letters of administration or testamentary letters to give a personal representative the authority to take these steps.
Below are the following things a personal representative is responsible for:
● Paying debts and taxes on behalf of the deceased
● Locating and collecting all of the assets in the estate
● Distributing remaining assets to named beneficiaries
While the personal representative is not entitled to proceeds from the sale of property in the estate, they often get paid a fee for handling the estate during the probate process. An attorney on our team can help guide you through your duties as a personal representative to ensure there are no delays. We understand that family issues can be difficult, and many family problems rise to the surface after a loved one passes away. We can help you handle all these issues, avoid potential liability, and more because of our extensive experience with clients and from working with our own family members.
Should I Hire an Estate Planning Lawyer?
Whether you are creating an estate plan or you have been appointed as a personal representative, our team at the Law Offices of Patricia G. Micek PLLC, can assist you. Our attorneys have decades of experience in estate law, handling even the most complex estate cases. If you would like to avoid delays and close your loved one’s estate as quickly as possible, having a legal team on your side is essential.
Please don’t feel like you must navigate the challenging world of estate administration on your own. Contact our law office today by calling 914-533-1756 for more information about our services.