How Estate Administration Works
Suffering the loss of a loved is the most difficult experience of life and this makes it all the more difficult for family members to handle issues pertaining to estate assets. None of us likes to be reminded about the prospects of our death and hence the subject of estate planning and administration tends to take a back seat in our life. Often ignored, this process is important for various reasons.
Timely determination of the decedent’s assets keeps complex legal matters at bay
Ensuring that no creditors exist, facilitates a hassle-free execution of the will
Finalizing the beneficiaries of the estate while you are still alive ensures that your assets will be distributed just as you intended.
Choose The Right Personal Representative To Administer Your Estate
Your personal representative needs to be nominated in your will and for that you will require a written court order which clearly states that you have appointed a fiduciary for your estate. It is the duty of your personal representative to preserve and protect your assets and make sure that they have been rationally invested with utmost caution. This duty is allocated to the creditors and the beneficiaries of the estate. In case they are not able to perform their duties effectively and cause any harm to an individual or property due to an improper or incompetently performed duty, you will be answerable for the damage done. Estate administration is a complex legal process that starts with a petition for administration and probate division. This is followed by the appointment of the personal representative and preparation of letters of administration. You may also require a personal representative’s bond depending on the county.
Once the letters of administration have been issued by the court, the interested parties are to be sent a notification. The beneficiaries of the estate need to be informed formally by sending a notice of administration only through a certified mail requesting a return receipt. This is an important but a seemingly endless procedure that involves creditors, beneficiaries, insurance companies, banks, physicians, accountants along with an overwhelming series of paperwork.
This procedure has a predefined sequence which needs to be followed accurately and in a timely manner while avoiding discrepancies and delays. Therefore, it is recommended that you choose a professional lawyer who is qualified and competent to resolve every issue that arises during the process while keeping the creditors and beneficiaries abreast of the legal notices. A professionally handled estate administration ensures that:
Your income tax returns and bank statements are accurately reviewed
Assets are identified and made subject to probate
The estate inventory is accurately prepared based on their current market value
The inventory of probate assets along with the necessary details is filed with the court within the stipulated time period of 60 days
Your assets are prudently invested while adhering to the Florida’s Prudent Investor Rule.
All the accounts are prepared according to Florida’s model accounting format.
All the income tax returns are filed on time
All the claims, expenses, and credits are cleared prior to the distribution.
For all these reasons, it is important that you seek a professional’s assistance for the efficient administration of your estate. Get in touch with us today at 561-748-2233 to ensure that all your legal requirements are met with and all the issues arising in your probate administration are resolved in the most efficient and timely manner.