19 May Who Is Responsible for Handling an Estate?
Who is responsible for handling an estate?
Whether or not you have a validly executed Will, your estate will go through Probate to the extent that you die owning assets in your name. “Probate” is the legal process through which a deceased person’s affairs are formally settled. First, an attorney must be retained to open up an estate w/ the court. A person is then appointed to administer the estate, who is often called a Personal Representative or Executor.
The Personal Representative works with the attorney and is responsible for overseeing the entire process, beginning with locating a validly executed will. The Personal Representative must then identify and gather all the deceased person’s assets, file an inventory with the court and notify the deceased’s creditors of the pending estate. It’s a lot of work. Next, assets are then pooled together and used to satisfy creditors’ claims.
Finally, the balance of assets are ultimately distributed to the proper beneficiaries, who – as you now know from the crash course on wills – are determined by the will or may be decided for you by the state in which you reside. The Personal Representative or Executor is the person or persons that, in conjunction to the attorney, administer the estate through probate. They are appointed by Will or by the court if you fail to choose someone. In either case, they do NOT have to serve. But if they do serve, they are generally entitled to reasonable compensation. They can be anyone that is over 18 years old and has mental capacity. But a person that has a felony conviction is not qualified.
“Planning with Purpose,” Haimo Law (HaimoLaw.com) can help you plan for and protect your family and your business’s interests for the immediate and long-term future. Together, we can take advantage of incredible tools and techniques that are available to you right now. Call us for wills, trusts, probate, asset protection and business planning. Haimo Law offers premium professional representation at an affordable price. Alternative fee arrangements are available upon request. We are reliable, approachable, honest, hard-working and attentive.
Helping your family and business is our priority. We look forward to meeting and exceeding your expectations.
Barry E. Haimo, Esq.
Strategic Planning With Purpose
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