Estate administration is the process of managing and distributing the assets of a deceased person according to their wishes and the law. Estate administration often involves various tasks, such as taking the estate through probate, administering trusts, paying debts and taxes, and transferring property titles. If you’ve been appointed as the administrator of an estate, you have a lot on your plate, and you may feel overwhelmed. Fortunately, you are in the right place. Contact a seasoned Broward County estate administration lawyer from The Probate Lawyers who has an in-depth understanding of the rules and procedures associated with the estate administration process and who can ensure everything moves along as smoothly as possible.
Administering an estate isn’t always a straightforward and easy task. Personal representatives or trustees have a great deal of responsibility, both in terms of honoring their loved one’s wishes and ensuring their beneficiaries receive the assets they are entitled to. For this reason, you need a dedicated Broward County probate lawyer who can help you understand your role and obligations and advise you on how to administer the estate as efficiently as possible. An attorney can also prepare all necessary documents and forms and represent you, should a dispute arise at any point in the process.
The nature of probate can vary, presenting either a formal or summary process that hinges upon the estate’s size and complexity. In Florida, formal probate is most common. Formal probate entails submitting a petition for administration with the circuit court, situated in the county of the deceased’s residency or property ownership. Therein, a personal representative (also referred to as an executor or administrator) is appointed to manage the estate.
Subsequently, the personal representative will notify all heirs, beneficiaries, creditors, and other pertinent stakeholders of the probate proceedings. The administrator will then identify and inventory all assets held within the estate, as well as any debts or taxes owed. Finally, the remaining assets of the estate will be allocated to the heirs or beneficiaries, guided by the testamentary wishes of the deceased or the laws of intestacy.
When a person (known as the grantor) creates a trust, they transfer some of their property to another person (known as the trustee) who manages it for the benefit of someone else (known as the beneficiary). A trust can be changed or canceled by the grantor (revocable) or not (irrevocable), depending on what the trust document says.
Trust administration is the process of handling and distributing the trust property according to the trust document. Unlike probate, trust administration does not need a court to oversee it. But the trustee still has many tasks and obligations, such as telling the beneficiaries and creditors about the trust, collecting and investing the trust property, paying the trust’s debts and taxes, keeping track of the trust’s transactions, and giving the trust’s income and principal to the beneficiaries as the trust document instructs.Trust administration can be difficult and confusing, especially if there are many beneficiaries, complicated trust terms, or conflicts among the parties. That’s why it’s a good idea to have a skilled and reliable estate lawyer in your corner who can help ensure you’re acting in accordance with both Florida law and the grantor’s wishes.
Estate administration is a comprehensive process that frequently involves things other than probate and trust administration. Just some other aspects of the process that will likely require legal assistance are as follows:
If your loved one recently passed away and you’ve been tasked with administering their estate, you need a legal team you can depend on. The Probate Lawyers is here to streamline the process and ensure your loved one’s wishes are realized. Contact an estate administration lawyer from our firm today so we can get started working on your case.
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