Estate administration occurs when someone dies, and the probate court oversees the distribution of their money and valuables to beneficiaries named in a will or according to state law if there is no will. Not all assets pass through probate, including real estate owned with others, life insurance policies, retirement accounts, property held in trusts, and pay-on-death bank and investment accounts.
You may believe you do not need a will because you do not have enough wealth for it to matter, but that is not true. Family heirlooms could end up with an estranged spouse, or your business interests could go to an uninterested adult child, but a knowledgeable estate planning attorney could ensure none of this happens. Our Warrendale estate administration lawyers could demystify this legal process, whether you are considering adopting a will or have been named a personal representative in one.
Generally, estate administration lawyers work with personal representatives by guiding the pertinent duties, including:
Personal representatives, who are usually spouses or children of the decedent, often have no experience in the complicated legal process of settling an estate. A Warrendale estate administration attorney could manage the process to ensure your or your loved one’s estate is handled properly.
Personal representatives often take the brunt of angry beneficiaries who believe they were entitled to more, or those who were cut out entirely. To contest a will, you must have standing, which means you have a personal interest in the outcome, generally whether you receive a larger share of fewer assets.
The person contesting the will must show that the decedent was not mentally sound when it was made, that they were coerced, or that the personal representative illegally engaged in self-dealing and mismanaged the estate.
Generally, probate finishes in six months to one year, but the process can go much faster or slower. If your estate is worth less than $50,000, a personal representative can use an affidavit for a speedy probate, but if relatives contest a will or creditors are slow to make a claim, the process can exceed a year.
The best way to wrap up an estate is to consult with our Warrendale estate administration attorneys, who can keep the procedure moving forward and head off any issues.
When a loved one dies, it’s inevitable that the estate must be wound up, with assets distributed to family and friends and final expenses paid. Personal representatives are tasked with this important duty, but dispatching it is often stressful.
Our attorneys know how you feel if you have been named a personal representative and now must carry out duties you probably know nothing about. Let us help you successfully execute those duties so you can honor what the decedent trusted you to do. Schedule a consultation with a Warrendale estate administration lawyer now, or click here to attend an elder law workshop.
