How to Administer a Loved One’s Estate Properly

According to Dean Betts, if you need an estate planning attorney in Georgetown, DE, then The Betts Law Firm, P. A is your best choice. Betts knows that after a loved one dies, putting his affairs in order is essential. This includes not only probating the decedent’s estate but also making sure that all debts are paid, and that the heirs receive their full inheritance. Here, Betts discusses how the entire process works.



The probate process can often be confusing and complicated, and good legal representation can assist the grieving relatives or loved ones in making sure that the estate is handled properly, and that the wishes of the deceased person are carried out.



If a loved one has recently died and you need help administering the estate, call The Betts Law Firm, P. A. We will help see you through this process, from beginning to end, and ensure that your loved one’s estate is administered properly, and that his will is properly executed. What we do includes:



Open an Estate

To open an estate, you need to have a certified death certificate and an original, signed will. The executor named in the will is the person who is responsible for opening the estate and for its proper administration. That is who we represent.



File an Inventory

The executor has to file an inventory listing all of the property that the decedent owned at death, and he has to list the value of each item of property. That would include real estate, motor vehicles, bank accounts, or other investment-type accounts, jointly-owned property, and the like. Whatever that person owned when he died is listed on the inventory. The inventory has to be filed within three months of the date of death, and often requires appraisals to be done, and the gathering of other documents evidencing the character and value of the assets.



Pay the Claims against the Estate

There is a period of time after the decedent’s death that claims can be made against the estate, which is eight months. If a claim is not filed within that period of time, then the executor doesn’t have to pay that claim. Claims that are received within that period of time are prioritized, and if there is not enough money or other assets of the estate to pay all of the claims, then the claims with the higher propriety will be paid.



Often, the estate may be cash-poor, and in those situations, sometimes property of the estate will need to be sold in order to obtain the cash to pay the claims. Then, whatever left over after the payment of the claims will be distributed to the heirs in accordance with the terms of the decedent’s will. If the decedent did not have a will, then the statute dictates which heirs get what share of the estate.



File a Final Accounting

According to the law, the executor has to file a final accounting that lists the property received into the estate, and the claims paid and distributions made from the estate. There may also be a final tax return, which would need to be filed in some states. Of course, we would assist in all of these areas.



For the right estate planning attorney in Georgetown, DE, call us! We insure that the debts of the deceased person are paid and that the heirs receive their just shares of the estate. We take care of the process for clients so they are not over-burdened with the various paperwork and processes involved.



This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.



Dean Betts is a writer for Yodle Law Marketing, a business directory and online advertising company. Find alawyer or more lawyers articles at Yodle Consumer Guide.