Everyone knows that you have to record your final wishes with regard to the way you want your assets to be distributed after you pass away. This being stated, it is important to consider the estate administration process that will get underway after your passing to bring your wishes to fruition.
Estate administration is the final piece of the puzzle, and the decisions that you make when you are in the planning stage will have an impact on your loved ones. With this in mind, we will share some details in this post.
Simple Wills, Probate & the Executor’s Role
A testator is someone who creates a will. When a will is being constructed, the testator will name an executor to complete the hands-on administration tasks. The executor is required to admit the will to probate, and the court provides supervision.
During probate, the court examines the will to determine its validity, and if there is anyone who wants to challenge the will, they could come forward.
The executor will post a notice to creditors, and they are given time to seek payment. Meanwhile, the executor will open an estate bank account, notify the beneficiaries, and identify and inventory the assets.
Once the assets have been accounted for, they will be prepared for distribution to the heirs. This can include appraisals and liquidation.
When everything is in order, the court will close the estate, and the assets will be distributed to the beneficiaries.
As you can see, the executor has to complete many somewhat complicated administrative and financial tasks. The person that you choose must have the appropriate level of business acumen and the time that it takes to do the job.
If you don’t know a willing party that is qualified to handle these duties, you could engage a professional trustee. There is an expense involved, but it can be money well spent under some circumstances.
Living Trust Administration
Aside from a simple will, the living trust is the estate planning device that is most widely utilized. If you establish a living trust, you would act as the trustee, so you would have complete access to the assets that you transferred to the trust at all times.
To account for the estate administration process, you would name a successor trustee to assume the role after your passing. Once again, it can be someone that you know personally, or you could utilize a qualified fiduciary.
Trustee Duties
The first thing to understand about living trust administration is the fact that it is not subject to the probate court’s supervision. This streamlines the process considerably, and this is a very good thing for the inheritors.
When the administration process begins, the trustee will obtain copies of the death certificate and notify interested parties. They will see if there is a will to accompany the trust, and if a will exists, it will be filed with the court.
The trustee will inventory the assets, and make sure that they are protected. An Employer Identification Number will be obtained for tax payment purposes, and the property will be transferred over to the trustee temporarily.
If there are investments, they will be reviewed by the trustee, and meticulous records will be kept. Property appraisals will be conducted if necessary, and final debts will be paid.
All of the assets will ultimately be distributed to the beneficiaries and the trust will be closed if the decedent dictated these terms.
In some cases, the grantor of the trust will instruct the trustee to distribute limited assets over an extended period. This can be necessary for a minor beneficiary, but trust grantors sometimes protect adult beneficiaries in this manner. A living trust can remain intact for as long as 21 years.
We Are Here to Help!
If you are ready to schedule a consultation at our Phoenix, AZ estate planning office, our doors are open. You can give us a call at 888-222-1328 to schedule an appointment, and you can alternately fill out our contact form if you would rather send us a message.
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