During a probate administration the personal representative must file an inventory. An inventory can be partial, supplemental, final, or corrected.
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During the administration of an estate, the trustee or personal representative must protect the assets. Several insurance policies may be required.
If a settlor is mentally incompetent, someone must take control over the trust prior to the settlor’s death. There are several ways to determine incompetence.
Typically, an estate is not closed until all assets have been distributed. If assets are discovered later, it is important to handle them properly.
At the start of the probate process, you must submit a petition that for review by a probate examiner. The examiner will provide notes regarding the petition.
Some people place real estate in an LLC when creating their estate plan. During the estate administration, certain actions must be taken.
As the trustee of a trust, your job is to carry out its administration. Exercising caution can help minimize the chances of trust litigation during the process.
A power of attorney is a common aspect of a basic estate plan. This document may be used when the individual is incapacitated in order to administer his estate.
While a will and a trust are both useful estate planning tools, they are not the same thing. During administration it is important to understand the difference.
Some beneficiaries assume their trustees obligations extend beyond the scope of what they actually cover. Just as it is important that trustees know their responsibilities, beneficiaries should also make an effort to understand what duties a trustee does not owe.