It can be difficult to get people to recognize how important it is to commit their final wishes to writing in one form or another. But if you are ready to finally put the procrastination behind you, gaining an understanding of estate administration details is part of the process.
Assuming you are using a Last Will to direct the transfer of assets to your heirs, the estate will be subject to the probate process. During this time the probate court supervises the administration of the estate. The court will first examine the will to make sure that it is in fact the Last Will and that it is indeed valid.
If anyone wanted to protest the contents of the will, they could do so during probate. Additionally, any debts owed by the deceased must be paid during probate.
Assets will have to be inventoried, appraised, and sometimes liquidated, and ultimately the resources must be prepared for distribution to the rightful heirs.
All of the above requires quite a bit of work, and these responsibilities fall into the hands of the executor. He or she will work in conjunction with an Ashland KY probate lawyer who has a thorough understanding of the process.
It is important to understand what goes into the administration of your estate when you are making preparations for the future. To learn what you need to know, simply take a moment to set up an informative consultation with a licensed northern Kentucky estate planning attorney.
- Estate Planning for a Spendthrift Heir - July 3, 2020
- Estate Planning Procrastination Is Dangerous - June 29, 2020
- When Should You Use an Irrevocable Trust? - June 24, 2020
