Depending on the specifics of your case the administration of your estate may require quite a bit of expertise. People who use a Last Will to direct asset transfers will have to appoint an executor to handle all the details, and they can be considerable.
The executor must make sure that final debts are paid and this includes taxes. As a result he or she may have to engage the services of an accountant. Property liquidation may be necessary as well and this could require appraisers, realtors, and/or estate liquidators.
And, since the administration of the estate will be supervised by the probate court the executor is going to need the assistance of a good probate lawyer.
Similarly, if you are using a trust rather than a last will you will need to select a trustee who will handle the above matters and subsequently manage the financial resources in accordance with your wishes as stated in the trust agreement.
When you are selecting an executor or trustee you must recognize the fact that there is indeed a lot of serious business that must be conducted. The individual that you choose should have the necessary background and the time that it will take to handle things appropriately.
If you have specific questions about estate administration don’t hesitate to pick up the phone to arrange for a consultation with a good Central New Jersey estate planning lawyer. Your attorney will fill you in on all the details and assist you as you devise a plan that is tailor-made for you and your family.
- Effective Planning for Single Seniors - October 1, 2023
- Your Guide to Navigating the Labyrinth of Trusts - September 28, 2023
- Paving the Way For the Future: An Estate Planning Guide for Millennials - September 24, 2023
