Estate Administration
ADMINISTER AN ESTATE OR PROTECT YOUR INTERESTS IN AN ESTATE
When someone passes away, it will be necessary to collect the decedent’s property, resolve the decedent’s debts and taxes, and to distribute any property remaining after payments of debts, taxes, and administrative expenses to the decedent’s beneficiaries or heirs.
Determining if a Probate Estate Necessary
Depending on the decedent’s estate plan, a Probate Estate Administration may or may not be necessary to distribute the decedent’s property and settled the decedent’s affairs. For example, if all of the decedent’s property passed to the Trustee of the decedent’s Trust, then a Probate Estate Administration may not be necessary to gain control over the decedent’s property. Similarly, if all of the decedent’s property passed by beneficiary designation or nonprobate transfer, then a Probate Estate Administration may not be necessary.
A Probate Estate Administration may be necessary if the decedent died owning property in his or her sole name. Generally, in these circumstances, unless the Estate is small and can be collected by a Small Estate Affidavit, it is necessary to open a Probate Estate Administration to gain custody and control over the decedent’s assets. When a Probate Estate Administration is opened, the local Court will appoint someone to become the official legal representative of the Estate.
Recording a Will or List of Heirs
Even if a Probate Estate Administration is not necessary, it is generally still important to notify the Probate Office or Court where the decedent resided of the decedent’s passing. If there is no Will, the Court records will officially document and list the decedent’s legal heirs. If there is a Will, the Will may be publicly recorded after it is authenticated and proved valid to the Court. The probated Will or official list of heirs serve as notice to the world of the decedent’s passing and may begin to limit the time to bring claims against the decedent and the decedent’s estate, as well as contest actions related to the decedent’s Will. Additionally, a probate record may be useful in the future, for example, if any property passes to the decedent’s estate from another person’s Trust or Estate. Often, if a probate record is not timely made, the original Will may end up being lost, or the information needed to identify heirs may be difficult to track down. This could be problematic for efficiently transferring future property interests.
Testate or Intestate Estate
If a decedent died with a Will, the decedent’s Probate Estate is called a Testate Estate, and the official estate representative is called an Executor. If the decedent died without a Will, the decedent’s Probate Estate is called an Intestate Estate, and the official estate representative is called an Administrator. The term Personal Representative refers to the official legal representative of an Estate generally, and it refers to both Executors and Administrators.
Duties and Responsibilities of Personal Representative
Once appointed, the Personal Representative, Executor, or Administrator, has legal authority and responsibility to collect the decedent’s property, resolve the decedent’s debts and taxes, and to distribute any property remaining after payments of debts, taxes, and administrative expenses to the decedent’s beneficiaries or heirs.
How We Can Assist
If a family member or friend has passed away, Lucey Law, PLLC can advise you as to whether a Probate Estate Administration is necessary and what steps to take to resolve the decedent’s affairs and distribute his or her property.
If you are an Executor, Administrator, or Personal Representative, Lucey Law, PLLC can assist and advise you as to how to appropriately administer the Estate and minimize your personal liability.
If you are a beneficiary or heir of an Estate, Lucey Law, PLLC can assist and advise you as to your rights and how to protect your interests in the Estate.
Obtain Assistance with an Estate Administration
We are here to assist with all types of administrations
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Estate Administration
When someone passes away, a Personal Representative (or, an Executor, if there is a Will; an Administrator, if the estate is intestate), may need to obtain official authority from a Court to collect and administer the decedent’s assets. If you are an Executor, Administrator, or Personal Representative, we can assist and advise you as to how to appropriately administer the Estate and minimize your liability. If you are a beneficiary of an Estate, we can assist and advise you as to your rights and how to protect your interests.
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Trust Administration
A Trustee of a Trust is responsible for administering the Trust consistent with the Trust’s terms and the applicable law. If you are a Trustee, we can assist and advise you as to how to appropriately administer the Trust and minimize your liability. If you are a beneficiary of Trust, we can assist and advise you as to your rights and how to protect your interests.
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Guardianships, Conservatorships, and Incapacity management
When an individual becomes unable to manage his or her financial and medical affairs, someone will need to step in to assist. If the incapacitated person has medical and financial powers of attorneys, his or her Agent may be able to take over these responsibilities. If not, a Court may appoint a Guardian to manage the individual’s bodily decisions, and a Conservator to manage the individual’s financial affairs and rights. If you are an Agent, a Guardian, or a Conservator, we can assist and advise you as to how to appropriately manage your principal’s or ward’s affairs and minimize your liability.
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Minor Guardianships & Administrations
A minor generally cannot hold title to property, and a minor is not able to contract or make binding legal decisions. If a minor inherits property, then a guardianship may need to be established to manage and administer the property for the minor. Depending on the circumstances, there may be alternatives to a guardianship, for example, a trust, UTMA Account, or 529 Account for the benefit of the minor. If a minor is inheriting property, we can help you understand the distributions options and alternatives available, as well as the responsibilities and duties of the person managing the minor’s property.