Probate and estate administration involve managing assets other than your own. It may be for a person who has died or to assist a person who is living but no longer able to handle their own finances.
Probate is the court-supervised process of settling a deceased person’s final affairs. Whether the person leaves a will or not, the court appointed administrator is responsible for identifying and securing assets to pay the deceased person’s creditors and then for distributing any remaining assets to the beneficiaries. Handling the estate is a big responsibility and an administrator can be financially liable for errors. They’re also required to file an inventory with the court and accountings until the estate is closed. The passing of a loved one is difficult enough that the probate process following their death can easily become an overwhelming burden.
Whether you are dealing with a multi-million dollar estate, or simply deciding whether or not probate is necessary, Promise Law can help your family through the entire process. Give Promise Law a call at 757-690-2470 or click here to contact us online.
If you’re managing someone else’s assets, whether you realize it or not, you’re an estate administrator. Perhaps you’re a successor trustee for a deceased loved one’s trust, or agent of an incapacitated friend or maybe you’re a conservator for an elderly relative. Regardless of the exact title, you’ve got an obligation to handle things with care, keep good records of your actions and more. You might even be required to report to the court in a manner similar to probate.
Knowing what you may or must do can be confusing and stressful, but Promise Law can help. Just give us a call at 757-690-2470 or contact us online.