Administering an estate is not always easy and straight forward. An Executor’s or Administrator’s duties can be demanding. These duties must be conducted according to law and in the best interests of the beneficiaries.
There are several matters to do to complete the full and proper administration of an Estate. Generally these may include
- Locating and proving the validity of the will
- Identification and valuation of the assets of the estate
- Obtaining the authority necessary to deal with the Estate and its assets by court order (for Letters Probate or Administration) as may be required
- Conversion of the assets, determination and payment of funeral and burial expenses, debts of the deceased and administration expenses
- Preparation of required income tax filings
- Providing a full accounting to the beneficiaries for their approval and completing distribution to the beneficiaries in accordance with the provisions of the Will, or otherwise according to law
If there is no Will, the laws of intestacy apply to determine the beneficiaries, and who will have the right to administer the Estate.
The administration of an Estate may be subject to intervening and overriding claims by a spouse, dependants, creditors, or other third parties. The executor or administrator is required to determine the validity of any such claim and pay, defend, or otherwise resolve them on behalf of the beneficiaries.
We are well experienced in all that is required to properly administer an estate. We have helped administer more than 1,000 estates.
Difficult issues with which we can help include complicated family matters, claims, by spouses or dependants other contentious issues, taxation issues, and multi-jurisdictional holdings.
We regularly assist in the guardianship and care of seniors and others during their lifetime who are incapacitated and unable to care for themselves. This process is similar to an estate or trust administration and likewise has specific duties and rules to follow.
We help executors, administrators, trustees and those appointed as Powers of Attorney to properly fulfill their duties.