• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Estate Planning » Estate Administration: Make It Simple

Estate Administration: Make It Simple

June 22, 2020 by John Potter

estate administrationWhen you start to conceptualize your estate plan, it is important to consider the administration of the estate after you are gone. If you take steps to streamline the process for the administrator, your loved ones will be the ultimate beneficiaries. We will provide some food for thought on the subject in this post.

The Estate Executor and Probate

If you use a last will as the centerpiece of your estate plan, you would name an executor in the document to act as the administrator. The executor would identify and inventory the assets that will eventually be passed along to the heirs that are named in the will.

Depending on the nature of the estate, this can be far easier said than done.

It can be challenging to inventory the assets under some circumstances, and the executor will have to run down all of the appropriate ownership documents. There is also the matter of the financial accounts and all the important information that is associated with them.

This is not to say that this is an impossible task because executors have been taking care of these things for generations. However, when you learn about an alternative that is widely embraced, you may decide that it is unnecessarily inefficient.

Another unwieldy aspect of this process is the time consumption. You probably want your heirs to receive their inheritances as quickly as possible after you are gone. Unfortunately, there is a considerable time lag when you use a will.

It will take the court nine months to a year to probate and close the estate in most cases, and inheritances cannot be distributed until that closing day comes.

Revocable Living Trust

You can avoid the scenario that we described above if you use a revocable living trust to transfer assets in lieu of a last will. You keep control of the assets while you are living because you can act as the trustee and the beneficiary throughout your life.

To account for the administration of the estate after your passing, you name a successor trustee, and your heirs would be the beneficiaries. The trustee can be someone that you know personally, but there is another option. Trust companies and some banks offer professional trustee services so this is a viable option if the trust is adequately funded.

To make things simple for the successor trustee, you can make sure that everything that you want to pass along to your loved ones is signed over to the trust.

There is no reason to be concerned about losing access to the property. As we have touched upon, you would have total and immediate access to all of the assets that you conveyed into the trust. It is also possible to convey additional property that you acquire along the way into the trust.

When it is time for the trustee to step in to administer the trust, all of the assets will be neatly consolidated which simplifies a potentially complicated inventory.

You can account for personal property that you may have never conveyed into the trust for whatever reason through the inclusion of a pour-over will. When you have this type of will in place, the personal property would be “poured over” into the living trust to complete the consolidation.

Attend a Free Webinar

We have always conducted seminars at strategic locations throughout our service areas to help our neighbors understand the importance of the estate planning process. Out of an abundance of caution, we have converted to webinars in light of the dangers that are presented by COVID-19.

This is actually more convenient for many people all things considered. You can get all of this valuable information in real time streamed to you in the comfort of your own home.

There is no charge to attend these webinars, but we ask that you register in advance so that we understand how many people we should expect. You can visit our webinar page to see the schedule and obtain registration information.

  • Author
  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Estate Planning Tagged With: Estate Administration, Executor, trustee

Other Articles You May Find Useful

How to Gift to Your Grandchildren in Your Estate Plan
pour-over will
What Happens If I Leave Property Out of My Living Trust?
estate tax
2022 Estate Tax Exclusion Has Been Set
QTIP trust
How Can You Protect Your Children’s Inheritances If You Get Remarried?
probate
Are There Any Probate Shortcuts in North Carolina?
life estate
What Is the Purpose of a Life Estate?

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT