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Probate and Estate Administration - An Overview

Frequently Asked Questions about Probate and Estate Administration

Probate and Estate Administration Resource Links

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If you are the executor of an estate, you face substantial legal and financial responsibilities. You must open the estate, collect and inventory assets, collect debts owed to the estate, distribute assets to the beneficiaries, and close the estate. Any mistake in performing any of these steps may not only delay the probate procedure, but could cause legal problems. If you are an executor, contact an attorney experienced in probate and estate administration to help navigate through the probate process.

Probate and Estate Administration - An Overview

The probate process can be lengthy - and costly. If you are concerned that your estate will be bogged down in the probate process, you need to act now to keep your estate out of probate. Contact an attorney who knows probate and estate administration law to find out what are the best methods for you to keep your estate out of probate.

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 an attorney today.

Probating the Estate

An estate is the total property owned by a deceased individual (the decedent) 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. Probate is the court procedure by which:

The will is proved to be valid or invalid.
The property covered by the will is shown to be the decedent's.
If there is no will, it is determined how the property is to be distributed, in accordance with the inheritance laws of the state where the decedent lived.
Unpaid creditors of the decedent are given the opportunity to file claims against the estate.
Fees for administration of the estate are approved and paid.
The probate assets of the estate are distributed.

Before the property can be distributed, it is generally necessary to go through probate, or, in the case of smaller estates, a less formal procedure under the general supervision of the probate court.

Preserving Estate Assets

An important but sometimes neglected responsibility in administering an estate is to look for opportunities to preserve 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).

Conclusion

Guiding an estate through the probate process and effectively administering that estate so that every opportunity for preserving value for distribution requires a keen understanding of the probate and tax laws. If you need help in administering an estate, contact an attorney experienced in probate and estate administration to ensure that the most effective administration of the estate.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

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