Potential Pitfalls of Estate Administration
The executor of an estate may think that their duties in that role are straightforward. Most times they are, but there are potential pitfalls that would-be executors should be aware of. For instance, a will might be invalid. Have an estate attorney review the will to make sure it meets the requirements of state law. If the will was done in a different state, make sure it was executed according to the laws of the state that it was executed...Read More
Assets Uncovered After the Estate has Closed
Sometimes, estate or trust administration appears to be all wrapped up, and the estate is officially closed or the trust is terminated. Then weeks, months, or years afterward, other assets are discovered. Now what? Generally speaking, guidelines to distributing assets discovered after an estate has been closed encompass the following: When someone dies intestate (without a will), state law determines the rightful heirs of the estate’s property. Newly discovered assets will be distributed by the same formula. If the decedent...Read More