Wills and Estates
Estate Administration
Whether you have been named as executor in a will, or desire to become
the administrator of an intestate estate, DeWitt Law can help navigate you
through the estate administration process.
The first step in estate administration is determining whether a summary
process is available or whether full estate administration is required.
This determination is based largely on the size of the estate.
The next step is to qualify as personal representative of the estate. To
do this, you will need to file an Application for Letters Testamentary or
Letters of Administration with the Clerk of Court, take an Oath, and file
the original will along with a death certificate.
Once you are qualified as the personal representative of the estate, you
will have tremendous responsibilities, which can be time consuming and paperwork
intensive. As personal representative, your duties include taking custody
of assets, collecting income due to the estate, publishing notice to creditors,
filing accounts with the Clerk of Court, filing state and federal estate
tax returns, paying estate debts and expenses, and distributing assets to
beneficiaries.
DeWitt Law is available to assist with the estate administration process.
We understand that this can be a difficult, grief-filled time for many individuals,
and desire to make estate administration as efficient, reasonably priced,
and simple, as possible.
What is Probate?
Many of our clients want to know what probate is and how to avoid it.
Probate is a cryptic term that simply refers to the process of passing your
property to your heirs through the courts. Estates can go through the court
system in a variety of ways depending upon the size, complexity and make-up
of the estate. Some estates can be "probated" by simply filing a few documents
and getting a judge's approval to make distributions. Other estates require
a great deal of time and effort to reduce to distributable assets, and may
remain on the court's docket for months.
Probate has taken on a reputation as something to be avoided. Many people
have been frustrated by probate due to the time required to wind up an estate
and due to the costs associated with probate.
Despite such frustrations, the advantages of probate are considerable. The
proper use of the probate process provides creditors and heirs with a final
determination of their interests. Creditors who do not pursue their claims
within a set period of time are barred from filing claims against the estate
in the future. Tax liabilities are determined and disposed of. Heirs who
receive distributions should have confidence that their inheritances come
with no strings attached.
Probate is merely one of many methods of passing property to your heirs;
and whether it should be avoided depends upon the circumstances of each
individual estate. When an estate goes through probate, the process offers
a great deal of protection and finality for everyone involved. Finality
is the key word to any resolution, making probate an attractive and often
efficient option for your estate plan.
Contact DeWitt Law for assistance with your
estate administration needs.