The safest and surest way to make sure your affairs are properly handled is by establishing a will or a trust. Doing so assures that your property will go where you intend it to. When a person dies all property owned by him or her at death which does not pass directly to others through right of survivorship is subject to the legal proceeding called "probate." The executor or the administrator collects all the deceased’s assets into an estate, preserves it, pays all debts and claims against the estate, and distributes the remainder to the persons who are legally entitled to a share.
The time associated with administering an estate is difficult, if not impossible, to determine. Creditors have six months to put in claims against the estate. There are a variety of matters regarding Federal and state tax returns.
Devices like Power of Attorney for Health Care and Durable Power of Attorney are also part of your Estate Plan. Our law office can effectively walk you through these potentially difficult matters.
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