Estate planning is one thing, but estate administration is another. Yes, you have to ask yourself how you want your assets distributed after you pass away. Once you know what you want to achieve, the next step is to sit down with a good inheritance planning lawyer to state your wishes in writing in a legally binding manner.
However, there are actions that must be taken after you pass away. If you use a last Will as your primary vehicle of asset transfer, you must select an executor to actually do the legwork that will be necessary to make your wishes a reality.
The first order of business will be to initiate the probate process. Creditors, tax collectors, claimants, and other interested parties have an opportunity to seek satisfaction from the estate before the assets are distributed to the heirs. To facilitate this process, the administration of the estate is supervised by the probate court.
Because of the intricacies of probate, the executor is usually going to rely on a probate attorney to lead the way.
To create a clear-cut path for your executor, you could speak with your attorney when you are drawing up your last Will about acting as probate lawyer after you pass away. You can then discuss the details with your executor and give this individual the attorney’s contact information.
At the time of your death, your executor will contact the probate lawyer and the wheels will be set into motion so that your heirs can receive their inheritances as quickly as possible.
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