If you decide to use a last will to direct the distribution of your personally held property, the person who would handle the estate administration tasks is the executor or personal representative. When you draw up the will, you can nominate someone to act as the executor.
Of course, you have to make sure that the person that you choose is willing to assume the role, and it can be a challenging one. There are many legal and business oriented tasks that must be completed during the estate administration process.
The will would be admitted to probate, and the probate court would supervise the administration of the estate. During probate, the executor would be required to contact creditors, and final debts would be paid, including final taxes.
The assets that comprise the estate would be identified and inventoried, and property appraisals and liquidation will typically be necessary. After all these tasks are completed, the probate court would close the estate, and the assets would be distributed to the heirs in accordance with the terms of the will.
We have prepared in-depth special report on the probate process and the role of the executor. This report will provide you with an added level of information, and it is being offered free of charge. To obtain your copy of the report, click this link and follow the simple instructions: Free Probate Report.
Living Trust Administration
During our current era, many people are using revocable living trusts, and these are individuals who are not necessarily very wealthy. A living trust provides many advantages over a last will, and this is why they are so popular.
With a living trust, the person or entity that would handle the business of the estate is the trustee. While you are living, you can act as the trustee if you establish a living trust.
A successor trustee that you name in the trust declaration would administer the trust after you are gone. You could name someone that you know personally to act as the successor trustee, but it is also possible to engage a corporate trustee.
The trustee would follow instructions that you leave behind in the trust agreement, and assets would be distributed to the beneficiaries outside of probate. If you want to, you can prolong the viability of the trust. You do not have to instruct the trustee to distribute all of the assets in the trust to the beneficiaries in lump sums.
We are also offering a free special report on trust administration. If you would like to learn more, click this link to get your copy: Free Trust Administration Report.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.