The process of creating an inventory of the estate and properly allocating the estate’s assets to beneficiaries and creditors is known as administering the estate.
In the wake of losing a loved one, determining where to start with respect to their estate can be an overwhelming and burdensome task. Some assets may be easily transferred to beneficiaries, as is often the case with life insurance or retirement accounts. Others may be more complicated and require the assistance of the probate court to transfer the title.
An Estate Planning Attorney can be of great help during these trying times.
The first step in this process should be to simply determine if your loved one left a will and, if possible, find the original copy. Assuming there is a will, it should nominate someone to act as the executor. It will be the executor’s job to begin creating an inventory of the estate. This refers to the estate’s assets, such as real estate, bank accounts, vehicles, and collections.
The estate also includes the decedent’s debts, such as credit cards or medical debts. Depending on what assets and debts the estate contains, it may be necessary to probate the estate.
Probating or administering the estate first involves having the will (if any) adopted by the court and an executor appointed. The executor will then determine the heirs, take possession of and conserve the real and personal property of the decedent, create and file an inventory of the estate’s assets, receive and determine the validity of all claims against the estate (i.e. creditors), file tax returns and pay any income and estate taxes, distribute the estate’s assets to the correct people, and finally file an accounting of all receipts and disbursements with the court.
Attorney Rachel Dodds, Estate Planning lawyer in Portage, Summit and Cuyahoga Counties, can help you gain peace of mind by securing these issues. Consulting with an experienced Estate planning lawyer is essential in making sure that your final wishes regarding your property, your loved ones, and your healthcare options are carried out.
Not all lawyers are created equal. In difficult times, it is important to select a lawyer who can relate to your situation in a very professional and sensible way.
Attorney Dodds has the experience you need to address all your questions regarding wills and probate, trusts, drafting and execution of all legal documents, and estate administration. She is a knowledgeable and compassionate lawyer.
Attorney Dodds is a Member of Weisenburger Law Offices, a law firm in Ravenna, OH, located 5 minutes from the Portage County Courthouse. Our lawyers are dedicated to serving clients in Portage and Summit Counties. Weisenburger Law Offices was created in Portage County in 2000 and our lawyers have been servicing the Portage County community ever since.
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