Estate Administration

Estate Administration

probate-and-estate-administration

Too many Americans fail to see far enough down the road to iron out the details of how their possessions should be handled after their passing. The honest truth is most of us need estate planning and administration services. Many tend to get the wrong idea about estate administration, and seem to think that it is a service only needed by extremely wealthy individuals with a high net worth. However, estate administration is not a service only needed by the top 1%.

What Does Estate Administration Entail?

Estate administration is essentially the way that a deceased individual’s assets are collected and managed, as well as their debts. Sadly enough, a lot of people make the mistake of failing to iron out these details, and their property ends up in the possession of unintended parties. This costly mistake has more consequences than only financial setbacks, though. Failing to prepare your assets with estate administration can take a heavy emotional toll on your loved ones and burden them after your passing. You see, without proper estate administration, your assets may become subject to intestacy laws, whereby the state will make legal decisions regarding how your property is divided.

The largest problem with intestacy is that your family can lose control of assets since the state is bound to adhere to specific laws and rules, meaning that the state will ultimately control how your estate is divided. Ancillary issues such as grudges and disgruntlement can cause familial tension when assets are divided by the state, too. To protect the financial future of your loved ones and to ensure that your assets end up in the right hands, you really need proper estate administration services.

What Assets Are Included in Estate Administration?

Estate Administration includes assets that need to go through the probate process (assets controlled by a will as well as non-probate assets) such as wills, trusts, power of attorney, life insurance benefits and property owned in joint tenacity. While the probating of wills is a public process, the administration of non-probate assets can be done privately at the same time as probate or estate administration.

Who Oversees the Administration?

The overseer of the probate and estate administration process is called an executor. Typically, the executor is named in the will, but if there is no will or it fails to name an executor, a probate court will name an administrator. The executor doesn’t need to be a sole individual, either. In some cases, it could be a trust company, or even a bank. Essentially, it is their job to do the following:

  • Care for all of the property of the deceased
  • Receive incomes and other payments that are due
  • Receive any outstanding debts, notes, and claims
  • Aggregate the names, ages, and current place of residence of the heirs and beneficiaries
  • Make determinations regarding claims on the property
  • Prepare and file any outstanding federal and state taxes

Seek Counsel Today

To schedule a free initial consultation for a probate or estate administration case in Lake or Cook County, please call 847-325-5559 or feel free to fill out a contact form located on this page. We serve clients throughout the Greater Chicago area, call us today to seek protection for the futures of your loved ones.

 

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