Saturday, April 17, 2010

Why is there Probate and Why must the Trust be Administered

The primary reason for Administration of an Estate is to provide a process of orderly transfer of assets upon death, simply stated someone must be authorized to sign the decedent’s name to transfer assets. Upon the passing of an individual, there are certain steps and phases of administration that every estate goes through – regardless of size they are:

Phases are:

1.    Get Acquainted, Review & Evaluate the situation and Retain the Law Firm.

2.    Authority to handle the estate affairs is conferred upon the person who will be in charge.

3.    Assets/Inventory and Appraise

4.    Creditors

5.    Plan and Reposition.

6.    Taxes.

7.    Report and Account/Protect Heirs and Beneficiaries

8.    Distribute.

9.    Receipts and close