The Key Elements of Great Planning
There is a lot that goes into the appointment of an estate administrator. These are who you shall rely on to settle your estate when you pass on. You need to be certain you can trust them to do the right thing by your loved ones when you are absent.
There are many cases when a family member is chosen as the administrator. But in cases where there are family feuds and fights, this may not be the wisest thing to do. You shall see a dark side of your family when they start fighting over inheritances.
An estate administrator is responsible for many roles. They will need to work with an estate planner of probate attorney closely. The probate process is legally recognized, and goes on for about half a year. During this time, the estate assets will not be touched. You shall see no selling, trading, or distribution of any part of the estate to the heirs or beneficiaries, except where the courts allow. This process of probate normally begins when the last Will and death certificate shall pass through the courts. The administrator will then secure all assets that were the decedents. This shall be followed by an appraisal of the valuables in the estate to determine what their current market value is.
The administrator has to also contact all creditors to tell them the sad news, and to find out what was owed. In case the money left is not enough for that, the courts can allow some assets to be sold to clear the debts. A probate attorney shall prove useful, especially in negotiating the debts. They can get the creditors to agree to partial payments, and leave the rest unpaid. In terms of the financial portfolios, the estate administrators shall contact the relevant financial institutions and find out if there are any pending taxes to be cleared. If they find there are some outstanding, they will clear them from the estate. They will then have the financial institutions send over any relevant clearance documents once they have settled with them.
If there were mortgage payments that were yet to be made on any properties in the estate, the administrators shall see to it that those payments are carried out. Where payments cannot be made, a foreclosure will have to happen. If for some reason the estate cannot meet the regular payments, the administrator shall have to put the property up for sale.
The estate administrator gets paid for all their services. There are state probate laws that govern the amount to be paid. In some cases, it is a flat fee, while in others, it is a percentage of estate value.
You need to let professional firm take care of such duties on your behalf. When you have an experienced, capable and reliable law firm in charge, you will be sure nothing shall be left to chance.
