What is Estate Administration?
Estate administration is the process of applying an estate plan, if available, to handle the gathering of assets, following required court proceedings, and distributing the estate assets. Once an estate needs to be opened, our team supports and guides you through the administration to ensure the process is handled appropriately.
At its core, estate administration is all about the necessary steps and procedures needed to maintain, manage, and deal with a deceased person's belongings. An estate administration will handle paying off debts, account closures, and property distribution, among other activities. An estate administration lawyer will guide and assist you in dealing with the estate administration.
As you can imagine, estate administration is complicated and must be handled with expertise, attention to detail, and, ultimately, a lot of care. It cannot be trusted to just anyone. It should only be implemented by a legal team that has proven itself with experience, rave reviews, and proper training.
In other words, PathFinder Law Group is ideal for all of your estate administration needs.
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Why should I have an Estate & Trust Administrator?
The administrator of an estate, also known as a personal representative, is in charge of the administration and management of an estate. They will compile assets and manage the estate in accordance with an established estate plan, if available. A trained expert, such as an estate administration attorney, will carefully and deftly navigate all of the particulars of estate administration.
A crucial piece of your estate plan is having your estate administrator identified. You should choose an administrator you trust to ensure that all your final wishes are met and your wealth is distributed properly.
We represent our clients, personal representatives, and interested persons in the estate administration.
When should I visit an Estate Administration attorney?
If you have ever been involved in estate administration, you know just how confusing, overwhelming and stressful it can be. Any interaction with this sort of situation will stress the importance of visiting and using an estate administration lawyer like the ones you can find at PathFinder. Simply put, this process will be easier to handle with proper support and guidance.
There are many reasons why you should visit an attorney specializing in estate administration. Perhaps your relative or beneficiary lives across state lines. Maybe there are many debts and assets that need handling. Maybe the assets will be spread across multiple parties and states. Whatever the reason, there are plenty of instances when a lawyer is helpful.
The bottom line is that when you are in doubt or unsure, you need to call upon a legal team that can easily guide you through the estate administration. This is a great way to ensure that everything will be addressed as it should be and everything will be followed according to plan.
Ideally, you should decide on an estate administrator during your estate planning process. After all, your estate administrator will manage your estate plan after you pass away. You should choose an attorney that you feel comfortable working with and believe will properly oversee your plan to support your estate administrator.
PathFinder Law Group Estate Planning Attorneys in Baltimore, Maryland are experienced Maryland Estate Administration Attorneys who can help you to figure out the ins and outs and specific details of Estate Administration. From canceling credit cards, notifying the proper agencies, paying debts, and distributing assets, there is much to do when it comes to estate administration. Contact PathFinder Law Group or call us at (443) 579-4529 to assist you in Estate Administration needs.
Estate Administration F.A.Q.
What is an estate plan? An estate plan designates how your assets will be distributed after death with the idea to minimize taxes and protect your assets, outlines how you would like to receive care as you grow older, and who can make decisions for you on your behalf.
What is estate administration? Estate administration consists of handling probate assets - those assets that transfer to your designated individuals under court supervision, and non-probate assets - those assets that pass outside of court supervision.
What is probate? Probate is the court process to distribute the estate of a person after they pass away. If there is a last will and testament, the personal representative will already be designated and there will be directions on how to distribute the assets of the estate. If the deceased person has no will and testament, the state law will determine how the assets are distributed.
What are non-probate assets? A non-probate asset is an asset that will not be subject to court oversight. For example, a retirement account or life insurance policy that have beneficiary designations will pass to the individual listed and not go through the probate process. Most of the time, those assets held in a trust will not be subject to probate.
What is a last will and testament? A last will and testament is the legal document that designates who will administer your probate estate and outlines how your wealth will be distributed after death.
What is a trust? A trust can minimize taxes and maximizes benefits for the person entitled to receive from it, while also providing protection of those assets. Trusts can be a great way to protect and distribute wealth to specific individuals. A trust can be created during a person's lifetime or go into place upon their death. Typically, the assets held in a trust avoid the probate process.