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Schwartz, Fang and Keating, P.C. employs some of the top estate administration lawyers in the country. Why are we the best choice for your estate administration? Because we listen to our clients and work with them to provide an exemplary level of service. In this post we’ve provided you with a few questions we’ve been asked over the years and our answers. We want you to have all the information you need to make estate administration, estate planning and the probate process simple and stress free.

What Does the Estate Administration Process Entail?

The estate administration process encompasses the:

• Probate process
• Inventory of the estate
• Distribution of the estate
• Handling of the deceased’s trust is there was one
• Filing tax returns for the deceased

When Does the Estate Administration Process Begin?

The process of administration of a person’s estate begins when a person passes away, as the probate process begins. Although, the process of administrating can technically begin at any time when a person sets down a will or a trust. This will or trust then would become the map that would be followed when they pass away.

If I Act As Estate Administrator Am I Liable For Anything?

Yes. If you accepting the role of personal representative or administrator to the estate you are accepting what is known as fiduciary responsibility. As such, you are responsible for:

• All financial reporting and tax returns: properly filled out and filed on time
• Maintenance of records of the estate
• Making yourself available and accessible to the beneficiaries of the estate you are handling
• Processing the appropriate legal paperwork on time and correctly

As an estate administrator you are held accountable for the above responsibilities, and should you not successfully handle them, you may be the cause of lost money and assets meant for the beneficiaries. Additionally, you may be held as personally liable for losses caused due to your lack of knowledge or skill at the task you had accepted.

Do I Really Need A Lawyer During Probate?

If you are not sure you if you need a probate lawyer, consider these 3 questions to help you decide:

1. Is the estate small enough to avoid paying state or federal estate taxes?

2. Does the estate have enough capital with which to pay off debts?

3. Is the family acting affably?

To read more about these questions and the answers, click here. You can also check out this blog post, “What Does A Probate Lawyer Do” to learn more about probate and what a lawyer will handle for you during the probate process.

Click here to contact the estate administration lawyers at Schwartz, Fang and Keating, P.C. to ensure your estate or the estate of your loved one is handled with care and precision. Don’t leave the process up to chance; make sure you enlist the help of responsible, accurate, and reliable probate lawyers. We are conveniently located in Woodbury, New York and Edison, New Jersey.