Nicolosi & Associates’ Trusts & Estates attorneys offer comprehensive guidance on trust and estate administration matters. It is not uncommon that the death of a close family member is accompanied by bewilderment about the financial and legal steps that the survivors must take to wrap up the deceased person’s final affairs.
A spouse who passed away may have handled all of the family’s finances. Or, perhaps a child must take over the financial affairs on his or her parents’ assets for which they know little or nothing about. Taking on these duties in addition to the ordinary commitments of life can be overwhelming. This becomes increasing more problematic if the affairs of the person who passed are in disarray or scattered among many accounts and or in different states.
The executor or administrator of the Will or the trustee of a Trust is responsible for collecting, maintaining, and distributing the assets in accordance with the law and the deceased person’s direction as set out in either the Trust or the Will. This duty is imposed by law and is known as Trust or Estate administration.
Generally, the administration of an Estate or Trust will take about one year if there are no protests involved. The sometimes daunting tasks of estate and trust administration can be simplified by staying organized and following certain steps. The Estate Planning attorneys in our firm and their staff regularly help clients work through these administrative issues.
Contact ustoday to speak with an experienced trusts & estates attorney.
