Estate planning is an important process that needs to be done before someone dies. After they die, estate administration makes it easier to distribute their assets and plan for their possessions. If someone were to die without going through these steps, it can make it harder to understand what they would have wanted done. When a will is in place, it plans for someone’s estate after they have deceased. Their will should be examined after their death to understand its contents and how things should be done from there. An executor should be named in the will to perform duties after the death of the individual. This gives one person the responsibility to complete the required tasks involved in estate administration. They may have to pay off taxes or debts that the person left behind and was unable to complete. This may require them to meet with attorneys, accountants or any other professionals in a field to complete the tasks required of them. The role of an executor is an important role since it is highly involved in the estate administration process. It is assigned to finish tasks that were left behind by the deceased and these tasks cannot be completed without the executor’s cooperation.
When are assets distributed?
Upon the death of an individual, the executor has a certain amount of time where they are able to bring the will to probate. At this time, they can gather the assets that are to be distributed. This role is important to make sure that the beneficiaries are receiving what is given to them in the will. The beneficiaries will be summoned and assets will be given to them. The assets named in the will are examined and given to the beneficiaries that are named. The executor does not decide what individuals are entitled to in terms of assets. Instead, the deceased individual will have previously written this down in their will. They may have left their house to a child in order for their child to start a family there with their husband or wife. They could have left a sentimental item for a close friend or a grandchild. At these times, it is important that the beneficiaries take what is named to them.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.