While this can and will differ from one estate to the next, the basics of Estate Administraton include:
- Collecting all property of the deceased individual
- Paying any debts and taxes that are left behind
- Collecting any income that is due to the deceased individual
- Settling any disputes, such as those with creditors
- Distributing the remaining property as outlined in the Estate Plan.
In short, this job falls on the shoulders of the executor. When creating an Estate Plan, you will name an executor of your Will. This person is responsible for the Estate Administration process upon your passing.
With so many responsibilities, it’s important to choose an executor you can trust. Making the wrong decision here will only lead to more complications in the future.
Simply put, if you create a will your estate will go through Estate Administration upon your passing. There is no way around this.
However, if you opt for a Trust instead of a Will, your estate can avoid Estate Administration. This is one of the many reasons people consider a Trust.
While it depends largely on the estate, the answer can be yes. For example, if someone contests the Will, it goes without saying that the process has the potential to drag on for many months (or even years).
Furthermore, the longer the Estate Administration process takes the more it will cost. Once again, this is why some people create a Trust instead of a Will. With this approach, they’re able to save their loved ones money (and time and stress) on the process.
Are you the executor of the Will? Are you concerned about making mistakes? If you find yourself in this position, you should consider the benefits of consulting with a Estate Administration attorney.
With legal help on your side, you never have to concern yourself with the finer details of the process. While you will still be involved to a large extent, you can rely on your legal team to provide you with the guidance you require during this difficult time.