You should understand some things about the estate administration process when you are devising your inheritance plan. If you maintain direct personal possession of your property and arrange for its distribution through the terms of a last will, the person who will handle the estate administration tasks is the executor.
When you create your will, you can nominate the person that you would like to empower to act as the executor of your estate. This is an important choice, and there are a number of legal and business oriented tasks that must be completed during the administration process, so you should be discerning about the selection when you are nominating an executor.
The Probate Process
After you pass away, the executor cannot act independently. The probate process would enter the picture, and the will would be admitted to probate. The executor would handle the business of the estate in a direct fashion, but the overall estate administration process would be supervised by the probate court.
This process can be quite time-consuming. The exact duration of the probate process will depend upon the circumstances, but a relatively simple and straightforward case can typically be probated in nine months to a year in most areas. Inheritances cannot be distributed to the heirs until this process has run its course.
Why would probate be so time-consuming? First off, final debts must be paid during probate, so creditors are notified, and they are given a certain amount of time to come forward seeking satisfaction.
Property must be identified and inventoried, and appraisals and liquidation will typically be necessary. All of this can take time. There are also expenses that accumulate during probate, and this is another drawback.
If this time lag is not to your liking, you could proactively implement probate avoidance strategies when you are devising your estate plan. One legal device that is often used by people who want to avoid probate is the revocable living trust. If you establish this type of trust, you maintain control of the assets in the trust while you are living. After your passing, the resources would be distributed to the beneficiaries outside of probate.
This is one possibility, but there are other ways that probate can be avoided.
Free Report on Estate Administration
Our firm has prepared an in-depth special report that will provide you with added layers of information about the estate administration process and the role of the executor. This report is being offered free of charge at the present time, and you can access your copy through this website.
To obtain your copy of the comprehensive special report, click this link and follow the simple instructions: Free Estate Administration Report.
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