Why is Estate Administration Important?
Why is estate administration important? For example, has a member of your family recently passed on? Did your deceased loved one leave you property of some type, such as stocks or bonds, or maybe even a piece of actual real estate, such as a house or farm? If so, then you will probably need the help of an attorney.
When it comes time to protect yourself and your loved ones, it is always better to be safe than sorry. So do yourself a favor and consider learning more about how an estate plan can help your loved ones once you are gone. Attorney Met Lane and his team in Carrollton, GA, would love to guide you through this stressful process.
You may think that estate administration and planning are only for the rich, but you couldn't be more wrong. After all, you spend a lifetime collecting your assets, no matter if they are big or small. So take a little time to determine what will happen to them once you are gone. Planning for the end of a loved one's life is more than just creating a will or trust - it requires making you think about what will happen to your finances, belongings, children, and possibly even your pets when you're gone.
Basically, estate planning is simply the process of deciding who will receive your assets once you die and who will take care of your dependents. Money and possessions are two of the most significant factors that need to be discussed when planning an estate after a loved one passes on, so working with a Carrollton Estate Lawyer like Attorney Met Lane can be very helpful.
What is Involved in Estate Administration?
Did you know that the process of settling the estate of a deceased relative is usually called estate administration? Estate planning is an integral part of any family's future and is something everyone should do. In most cases, a thorough inventory can help you keep track of what is valuable as you work through the process. In addition, an accurate list of the available assets and accounts is crucial before closing out the estate.
The main idea behind estate planning is to distribute the deceased's assets throughout the process and pay all bills and debts. Then, when debts or taxes are settled, you can be assured that the remaining assets will go to the appropriate beneficiaries as the will or trust dictates.
This is also a very emotional process for the family, and we completely understand this. However, our legal team at Met Lane, Attorney at Law, is compassionate and has helped many families throughout situations like this. We can help you work through this process and settle your loved one's estate and honor your loved one's wishes as well. We want to keep the estate administration on track and ensure that everyone feels it is fair and done correctly. We are here to guide and support you during this demanding time.
How Do You Manage an Estate When a Loved One Dies?
Whenever a loved one dies, this will undoubtedly be a very emotional time in your life. But the estate must be administered to pay the deceased debts and taxes and also to distribute all assets to the correct beneficiary. Emotionally speaking, you may not feel up to the task of taking care of all these legal steps. That is why we are here to help at Met Lane, Attorney at Law in Carrollton, GA.
The process is different depending on whether or not a will is available. If there is an existing will, the executor must contact the Probate Court and request the court begin issuing Letters Testamentary. The Letters Testamentary allows the executor authority to start the process of administering the estate of the deceased.
If there is no will to work with, the heirs often choose a person to be the estate's executor, and an inventory must be made of all the estate assets before moving on in the process. The court can also appoint an executor if need be. There are so many steps in this process that the help of a knowledgeable attorney cannot be overstated.
One Tip: If you have never managed the settlement of a deceased loved one's estate, you will not truly appreciate just how many copies of the death certificate you will need to have on hand throughout the entire process. So, save time and get twice as many as you think you need.
What Does an Executor Do Concerning Estate Administration?
The first step in estate administration is choosing a person to be the administrator or executor of the estate for an individual before the estate holder dies. Another name you might hear tossed around for the person selected to take care of the estate is called a personal representative.
This person needs to be appointed formally and legally by the court. Additionally, this person can be a paid representative to do everything required of this job, earning 2.5% to 10% commission depending on what type of asset it may be - money versus non-monetary assets. Or, if they so choose, they can opt-out of being paid for their services in closing out the estate.
What is Probate?
The probate court oversees the entire process, which can last varying amounts of time depending on the size and complexity of the deceased's estate. Probate is the process of managing the estate of someone who has passed and all the beneficiaries identified in their will. All estates, however, do not have to go through probate.
The practice of probate is a legal process that involves proving to the court that the will is legally valid and ensures that all relevant parties have been duly notified of a death and are present for settling the estate. Probate is the primary way the courts assure that an estate is processed correctly. Fraud prevention is another reason for this process. Ultimately, it is in place to protect the heirs and the estate.
All assets are frozen until all the bills have been paid. Also, the court may appraise the deceased assets and pay all estate debts. The court also distributes the remaining assets according to the terms listed in the will.
This is a long-term succession process, so administrators of the estate must make sure that the estate is appropriately managed before it is transferred to the new owner. Accurate accounting of the estate is essential. Everything should be transparent as the executor reports everything to the probate court, advisers, and family members on the income tax form for the entire estate.
What is the Process of Settling an Estate in Carrollton, Georgia?
Often one of the most strenuous parts of a family member's death is settling their estate. As a result, you might feel lost, overwhelmed, and in need of legal assistance. Completing the administration of a deceased family member's estate can be a lengthy process, but with the proper legal help, you will soon be able to complete the process and move on.
Choose Met Lane and his team to be by your side throughout the process. Then, we can help you take the load off your shoulders during this trying time. Whether you want us to partner with you and only do part of the work on your estate administration, or whether you choose to have us do all the work for you, we can help you either way. That way, you understand that everything that needs to be completed will be done in the proper order and finished correctly.
Is There a Time Limit on Settling an Estate in Carrollton?
In Georgia, there is no time limit on settling an estate. There is also no set time when you can open an estate. Most families start the estate administration process between two weeks to six months from the time of passing. However, you can start working on it later from a legal standpoint, but it is not advised to wait too long in most circumstances, as that can potentially cause problems.
Common Questions About Estate Administration in Carrollton, Georgia
You have questions. We have answers. Unanswered questions abound concerning this process, so we wanted to list a few below. Do any of these questions sound familiar to you?
- How long will it take for the estate to be processed?
- How much will this cost me?
- Do I have to go to court for this?
- What is involved in the process?
- How much time will I be required to put in to complete this?
- Will my deceased family members' wishes be honored?
- Will my family feel the decisions made during this process are fair?
- What if some family members disagree with the deceased will?
Above are only a few of the questions we often hear as we work through client estate cases. But be confident that we can answer all of these questions and any others that you might come up with concerning settling the estate of your loved one. Contact us anytime for a free consultation concerning any estate questions at 770-834-4107.
Estate Lawyer Met Lane in Carrollton, GA, would be very happy to help you learn more about this process. Then, when you do decide that you need legal help, we will be here to assist and guide you through this lengthy process. Call Carrollton Estate Attorney Met Lane today at 770-834-4107 to answer all your Estate Planning and Administration questions and help get you the information you need.