Estate administration occurs when an estate plan is put into action. The entire process begins when a particular event triggers a provision in your estate plan, such as your death or incapacity. This means that individuals designated in your estate plan must execute your instructions.
The process of estate administration can be a complicated and confusing one filled with many responsibilities, and it is crucial that you designate individuals with experienced legal counsel to guide them throughout the entire procedure. The designated individual(s) may need to make quick, important decisions, and may need to perform several different tasks such as collecting all of the decedent’s assets, including owed debts, vehicles, real estate, and dividends on stock; preparing inventories; preparing tax returns; and signing legal documents on your behalf. The individual(s) you designate must also distribute and divide your assets to those identified in your trust agreement or will in accordance with the state law and elder law.
In Pennsylvania, there are a number of ways an individual can be designated to be in charge of estate administration. One such way is through directive on the deceased person’s will. Through a will, a family member may identify you as the facilitator of the estate in the event of disability or death. If no such will exists and you are the closest kin to that particular individual, such as a spouse, then you may also be designated to be in charge of estate administration.
The competent attorneys at Nepa & McGraw can help your loved ones make estate administration an efficient and straightforward process. If you are in charge of estate administration, our attorneys can help you with all legal documents and can also represent you at necessary hearings. Call Nepa & McGraw today at (570) 282-7050 for a free and confidential consultation without obligation.