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Estate administration is the process of managing and distributing a person’s property (the “estate”) after death. If the person had a will, the will goes through probate, which is the process by which the deceased person's property is passed to his or her heirs and legatees (people named in the will).
Duty to account: The executor is legally responsible for providing regular estate accountings. This includes explaining funds paid out of estate accounts for expenses and maintaining detailed documentation. Duty of confidentiality: As part of their fiduciary duties, executors also must keep details related to the estate and its heirs confidential.
The estate is also responsible for filing the decedent’s state and federal income tax returns before the probate process can conclude. Additionally, the process of probate itself costs the estate money. The executor is responsible for ensuring that the estate pays all fees and administration costs relating to probate.
Handling the administration of an estate after a loved one’s passing can be challenging. Consult with an experienced attorney for assistance. Find an estate planning attorney in your area who can help you understand the rules specific to your state. Created date: 06/16/2023
EDWARD V. WILCENSKI, Esq., is a co-owner and co-manager of the law firm of Wilcenski & Pleat, PLLC in Clifton Park, New York, midway between Albany and Saratoga Springs. He practices in the areas of Elder Law, Special Needs Planning, and Trust and Estate Administration. (518) *** **** Introduce us; About
If a claim is rejected, the creditor has the option to sue the estate. Every state sets the priority according to which claims must be paid. The estate’s beneficiaries only get paid once all the creditor claims have been satisfied. Usually, estate administration fees, funeral expenses, support payments, and taxes have priority over other claims.
Marielle F. Hazen, Attorney at Law, is the founder of Hazen Law Group, a firm dedicated to the practice of elder and special needs planning law, estate planning, tax planning and estate administration. Ms. Hazen has earned the distinction of being a Certified Elder Law Attorney by the National Elder Law Foundat...
Stephen served as an adjunct professor at the University of Hawaii William S. Richardson School of Law where he taught the estate planning course, the University of Hawaii Masters of Business Administration and Masters of Accounting Program and Hawaii Pacific University Masters of Business Administration program where he taught estate planning ...
On Sunday mornings, Tom is a contributing guest on the Hagerstown, Maryland Channel 25 TV program, Contemporary Retirement. Mr. Murphy limits his practice to Elder Law, Estate Planning and Probate/Estate Administration. Mr. Murphy is also on the board of directors of The Family Heritage Trust Company of Frederick, Maryland.
Early document drafting with your estate planning and probate attorney and an honest evaluation of the likelihood of interpersonal family issues will mitigate the risk of costly probate litigation that can damage relationships. Defective Estate Planning Documents. Probate litigation often involves estates with self-prepared estate documents.