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When are assets distributed during estate administration?

When are assets distributed during estate administration?

The distribution of someone’s estate is an important part of the process that involves the role of a beneficiary or multiple beneficiaries to collect their property. In their will, they have named beneficiaries to collect assets based on what they have decided before death. They could have given their house to their child or a grandchild. They may have named a sentimental item to a close friend or close relative. Whatever the case is, these beneficiaries are entitled to that piece of property. When all the proper documents are filed with the Surrogate’s Court, the heirs of the estate should receive a citation that establishes the Surrogate’s Court where probate will occur. This citation will also include a list of the rights of all interested parties and the responsibilities that the executor must complete. When no issues are present, the executor can then carry out the wishes outlined by the testator and administer the will. Although there are multiple beneficiaries of an estate, there may only be one executor of an estate. This individual has many responsibilities to carry out, however, they can be replaced if they fail to do their job regarding this estate and its administration.

How many beneficiaries are named in a will?

When planning for the administration of your estate, you can do this in your will. In your will, you can list what assets you would like to see distributed to different family members or friends. This can be beneficial for your loved ones to know that you were thinking about them. An item may have sentimental value to them that can represent your relationship to them and how deep your bond was. Otherwise, property or part of the estate can be financially beneficial and leave them in a good position. When you plan this out, you can name as many beneficiaries as you wish. You may have multiple children that can account for the distribution of more assets. These children may have a multitude of children, giving you multiple grandchildren that you would like to account for. This can all be considered when you are writing your will and planning for the distribution of your possessions.

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.

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