Estate Administration & Probate
After a loved one passes away, their estate must be collected and managed. Managing their
estate can be difficult. There are many moving parts and it’s easy for details to slip through the
cracks. Laura J. Wyatt understands how complicated estate administration can be and is here
to help. With over 30 years of experience, she can provide thorough legal assistance you need
during this stressful time and take care of all the details so you don’t have to.
What is Estate Administration?
It is the process of gathering and then transferring the estate of a recently deceased person.
When a person passes any assets, belongings, real estate, etc., owned by that person at the
time of their passing, become part of their “estate”. This can include real estate and all personal
property such as household items, vehicles, bank accounts, retirement plans and life insurance
policies.. Certain property can be titled in such a way as to avoid becoming part of a person’s
estate: Real estate and bank accounts and other assets can be titled in joint names; life
insurance and retirement accounts can have named beneficiaries; contracts for real estate, real
estate, and bank accounts can have transfer on death clauses.
Estate Administration or Opening an Estate is a necessary process when a deceased person’s
estate has a value of $50,000 or more. If there is a house and any other assets, an Estate will
need to be opened. An estate, however, does not always need to be opened, but if there is a
Will, it maybe needed to be probated.
Estate Administration is not always necessary. If the estate is under $50,000, you do not have
to open an estate with the court but instead, you can transfer the property in other ways. The
most common is a Small Estate Affidavit, which is an Affidavit stating certain things, the most
important is that the estate is under $50,000 and the person signing the affidavit is a proper heir
and will act in the best interest of the beneficiaries of the deceased person’s estate.
What Is The Role Of An Executor?
Estate administration involves gathering property, distributing the deceased’s assets and paying
any remaining debts. An executor is named in the will to handle the details of the estate. If no
one is listed as executor in the will, the court will appoint one. Usually, the surviving spouse or
another family member is chosen. Executors are also responsible for making sure the
deceased’s last wishes are granted in terms of their property and possessions.
Serving as the executor of an estate can be time consuming and stressful. Laura J. Wyatt, P.C.
can assume these responsibilities for you, so you can focus on moving forward after your loved
one’s passing.
What Should You Expect From Probate?
Most estates undergo probate as part of the estate administration process. During probate, a
will is presented and the court ensures that the property is divided according to the deceased’s
wishes. In most cases, probate is uncontested, however a family member can contest probate
if they believe that the will is invalid. Whether probate is contested or uncontested, there are
many detailed processes to follow. Laura J. Wyatt, P.C. can help you avoid mistakes and make
the transition as smooth and efficient as