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Have You Considered the Estate Administration Process

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If you maintain direct personal possession of your property, and you use a will as your asset transfer vehicle, the estate administrator would be the executor. Learn more about estate administration process in this presentation.

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Have You Considered the Estate Administration Process

  1. 1. CHAS VE YOU CONSDERED ESTATE ADMINISTRATION PROCESS? ‘K ,4!’
  2. 2. BEYOND THE PAPERWORK
  3. 3. Estate planning is often thought of as an exercise in document creation WWW . . I , l. ATTORNEYS AT LAW
  4. 4. Clearly, you do have to use legal documents to express your final wishes with regard to the way that you want your assets distributed WWW . . I . I. ATTORNEYS AT LAW
  5. 5. At the same time, there is a human element FR*"”%. '<. R?FT . . .' I , l. AT T 0 R N E Y s A '1‘ LAW
  6. 6. 4 .52‘ / I _ '- . L .4‘; The Role of the Executor
  7. 7. Someone has to handle the business of your estate after you are gone FRANK 81 KRAFT . -‘ l‘R(lIl'. ll)'. -l L‘()l{l’0R: Tll)' ATTORNEYS AT LAW
  8. 8. If you maintain direct personal possession of your property, and you use a will as your asset transfer vehicle, the estate administrator would be the executor FRANK & KRAFT . . l‘R()ll'. .lI). 'l. -l L‘l)l{l‘0R. -TIl)' ATTORNEYS AT LAW
  9. 9. Nomination
  10. 10. When you create your will, you can nominate an executor to handle the estate administration tasks FRANK 8: KRAFT . . l‘R()ll'. ll)'. -l L‘()l{l‘0R. -Tll)' ATTO RNEYS AT LAW
  11. 11. If you fail to nominate an executor on your own, the court would be forced to appoint a personal representative to act as the estate administrator FRANK & KRAFT . . l‘R()ll'. .lI). 'l. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  12. 12. The Probate Process
  13. 13. The executor would be required to admit the will to probate FRANK 81 KRAFT . -‘ l‘ROIl'. ll)'. -l L‘()Rl’OR: Tll)' ATTORNEYS AT LAW
  14. 14. This is a legal process, and the court would supervise the administration of the estate FRANK 8: KRAFT . . l‘R()ll'. ll)'. -l L‘()Rl‘OR. -TIl)' ATTO RNEYS AT LAW
  15. 15. If anyone wanted to challenge the will, an argument could be presented before the court during this process FRANK & KRAFT . . l‘R()ll'. .lI). 'l. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  16. 16. FRANK 81 KRAFT A PROFESSIONAL CORPORATION ATTORNEYS AT LAW
  17. 17. Aside from the paying of debts, the executor would be the point of contact for anyone who had an interest in the estate FRANK & KRAFT . . l‘R()ll'. .lI). 'l. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  18. 18. The executor would also prepare the assets for distribution to the heirs that are named in the will FRANK 8: KRAFT . . l‘R()ll'. ll)'. -l L‘()Rl‘OR. -TIl)' ATTORNEYS AT LAW
  19. 19. This can include appraisals and liquidation of property FRANK 81 KRAFT . -‘ l‘ROIl'. ll)'. -l L‘()Rl’OR: Tll)' ATTORNEYS AT LAW
  20. 20. Chosing the Right Executor
  21. 21. The executor will assume a lot of responsibility, and the estate administration process can be time intensive in some cases FRANK & KRAFT . . l‘R()ll'. .lI). 'l. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  22. 22. Your executor should be a business sawy individual who is ready, willing, and able to take on these tasks FRANK 8: KRAFT . . l‘R()ll'. ll)'. -l L‘()Rl‘OR. -TIl)' ATTORNEYS AT LAW
  23. 23. Anticipated longevity and geographical location will be factors to consider, and impartiality would also be a consideration FRANK & KRAFT . . l‘R()ll'. .ll). 'I. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  24. 24. FRANK 81 KRAFT A PROFESSIONAL CORPORATION ATTORNEYS AT LAW
  25. 25. When you understand all the facts, you may decide to use a living trust as your asset transfer vehicle FRANK 8: KRAFT . . l‘R()Il'. ll)'. -l L‘()Rl‘OR. -TIl)' ATTORNEYS AT LAW
  26. 26. A trust administrator is called the trustee. You can act as the trustee while you are living, and you name a successor trustee to administer the trust after your passing FRANK & KRAFT . . l‘R()ll'. .ll). 'I. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  27. 27. FRANK 81 KRAFT A PROFESSIONAL CORPORATION ATTORNEYS AT LAW
  28. 28. A living trust successor trustee would take on responsibilities that are similar to the executor's duties FRANK 8: KRAFT . . l‘R()Il'. ll)'. -l L‘()Rl‘OR. -TIl)' ATTORNEYS AT LAW
  29. 29. However, a living trust may remain intact for years, so the trustee may be committed for a longer period of time FRANK & KRAFT . . l‘R()ll'. .ll). 'I. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  30. 30. You could name someone that you know to act as the successor trustee, but there is another option that many people exercise FRANK & KRAFT . . l‘R()ll'. .ll). 'I. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  31. 31. Banks and trust companies offer trust administration services, and you can consider a corporate trustee as an alternative to an individual that you know personally FRANK & KRAFT . . l‘R()ll'. .ll). 'I. -l L‘l)Rl‘OR. -TIl)' ATTORNEYS AT LAW
  32. 32. Schedule a Consultation
  33. 33. Now that you know a little bit about estate administration, you may be ready to take the next step FRANK 8: KRAFT . . l‘R()Il'. ll)'. -l L‘()Rl‘OR. -TIl)' ATTORNEYS AT LAW
  34. 34. Our firm offers no obligation consultations, and you can contact us at your convenience to set up an appointment
  35. 35. 54 ,3». I I . X, If . / 4; . L lily’ , _ 3], ," -, I ' (317) /684-1100 FrankKraft. com

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