Three Things You Should Understand About An Estate Administration Attorney
You may have heard of an estate administration attorney, as well as an estate planning attorney. Although they are different, it is best to have both of these attorneys. An estate administration attorney is a lawyer your estate will need after you have died. The following are a few things you should know about this type of attorney.
An estate administration attorney is different from an estate planning attorney
Your estate are the assets that you possess. Once you have died, there will be many things that will need to be done concerning your assets. In general, your estate will have to settle debts, including loans and taxes. Your remaining assets will need to be distributed to your heirs. An estate planning attorney is one that you use while you are still alive. They can help you draw up a will or create a trust fund. There are many possibilities. Although the jobs of administration and planning for an estate are different, they can often be done by the same attorney.
An estate administration attorney can be an executor of a will
Most wills have to go through a probate court, but this type of attorney can file all the forms and paperwork that are required by the court. All the work needed to identify assets that are in the will and those that were left out will be done. Outstanding debts can also be identified. Once everything is settled through the courts, an administration attorney will begin to disperse assets according to the will. Prior to this, if there are disputes between heirs, this type of attorney can often settle disputes without tying up the will in a court of law.
An estate administration attorney can be a successor trustee
If you have a living trust instead of a will, as owner of this trust, you are the one that manages it. However, after you die, the administration of this trust falls to the person you have named. Often this is an estate administration attorney. As the successor trustee, this attorney will administer your trust per your instructions. However, there are many important differences with a trust fund. It bypasses the probate court system, your heirs will get their inheritance sooner. However, this attorney can administer your trust fund over time. For example, heirs can get a monthly or an annual allowance from the trust fund until a certain age is reached.
It is a good idea to use an attorney for estate planning and estate administration. Although they can be the same attorney, their function is different. An estate planning attorney works with you while you are alive, while an administration attorney fulfills your wishes after death. An administration attorney can be the executor of your will, or they can be the successor trustee to your trust fund.