Top 10 Estate Administration Articles
An estate is the sum total of what one person owns. "Estate administration" is an area of the law that concerns a person’s wishes to distribute his belongings upon his death. Wills and trusts are common legal instruments that aid with estate administration.
As a starting point for people looking to understand how estate administration works, the LegalMatch Law Library has compiled a list of the Top 10 Articles on Estate Administration.
Probate is the legal process where the court distributes the estate of someone who has passed away. If the deceased person had a will, the court distributes according to the will. If not, the court distributes according to state intestate laws. Challenges to a will are brought during the probate process.
The Uniform Probate Code (UPC) seeks to make it easier and less expensive for people to create a will and to have it executed according to their wishes. Many states have adopted the UPC. If you live in a UPC state, it is best to be familiar with the UPC in order to determine how your estate will be distributed if you decide not to have a will.
The residuary estate is usually what is left after all the specific bequests have been made. A will usually designates someone to serve as the residuary beneficiary.
Estate administration is rather easy to define, however it is rather hard to do depending on the size and complexity of the estate. If you have a large estate, it is recommended that you entrust your estate to someone knowledgeable and qualified to perform what needs to be done.
It is important to have a knowledgeable and qualified person handle the administration of your estate. There are many complicated duties an executor must perform in order to maintain an estate.
Depending on the size of your estate you might be eligible for a quicker and more simplified proceeding when it comes time to distribute the estate. Each state has its own laws specifying which estates are small and which are large.
A person’s estate is the sum total of what they own. Thus, estate law governs how your possessions are treated after death.
An estate account is a bank account that is set up and used by the estate. It is recommended to have an estate account so that your executor can easily get funds in order to pay the expenses of administering your estate.
Will distribution is the process by which people are given property from an estate according to the terms of a will. Since inheritance is often a touchy subject, it is no wonder that a majority of lawsuits concerning wills have to do with distribution.
Once you are appointed an executor of an estate, there are several legal duties you are obligated to follow. These rules are in place to ensure that everything is fair and that the wishes of the deceased are carried out as fully as possible. If you are an executor, it is important to know what duties you must follow, otherwise you might be subject to a lawsuit for not performing your legal duties.