Administration of a decedent's estate involves, among other things, probating the estate, collection of the decedent's assets, calculation and payment of estate taxes, and the distribution of remaining assets. An attorney who is competent and experienced in probate and estate administration can facilitate this often difficult process in a timely and effective manner. If you need help in the administration of an estate, call Ms. Lawston attorney today.
Probating the Estate
An estate is the property owned by a deceased individual (the decedent) at the time of death. Prior to the distribution of that property in accordance with the terms of a will, or, when there is no will, by the laws of inheritance in the state where the decedent lived, certain documents must be completed, obtained and filed. Probate is the court procedure by which the Will is proved to be valid or invalid.
Estate Administration - Overview
- The property owned by the decendent must be marshaled
- Unpaid creditors of the decedent are given the opportunity to file claims against the estate and are resolved.
- Property is sold, assets transferred in accordance with the Will or other applicable laws
- Tax issues are resolved, both personal and estate taxes are filed where necessary
- All necessary parties are notified of the proceedings and jurisdiction obtained over the family and loved ones
- Fees for administration of the estate are approved and paid.
- The probate assets of the estate are distributed
- Closing documents are prepared, obtained and filed.
Preserving the Estate Assets
An important but sometimes neglected responsibility in administering an estate is to look for opportunities to preserve the assets for distribution. Reducing estate taxes is one way that an estate can retain more of its wealth for the decedent's heirs. Some of the ways to accomplish this are:
- Consider whether administration expenses and casualty losses should be reported on the estate tax return or on the estate's income tax return.
- Consider whether there are income tax savings opportunities on the decedent's final return (such as whether or not a joint income tax return should be filed with the surviving spouse).
- Consider whether assets should be valued at the date of the decedent's death or six months later (or, if assets have been distributed prior to six months after the decedent's death, the date of the disposition of the assets).
- Determine if the executor or administrator is taking their commissions or waiving same but inheriting the funds instead
Conclusion
Closing up the estate for the family as well as the Courts.
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