Managing something as large and important as a loved one’s estate can present emotional and stressful challenges, especially if you are trying to grieve while being asked to make major decisions. As a wills lawyer in East Greenwich, RI from a firm like McCarthy Law, LLC can explain, the good news is that you do not have to make these decisions unguided. There are people you can ask to help you like wealth management advisors and estate planning attorneys.
As the manager of someone’s estate, you will be required to make financial and possibly business decisions that will secure assets and help them transfer down efficiently to the designated beneficiaries of the estate. This may sound complicated, and it can be. Read the points below if you are managing an estate and consider hiring an estate planning attorney to help you execute your responsibilities properly.
Property Management Roles
Real estate can be the most complex estate asset to manage. Thankfully, creating a will or trust can allow a family member or loved one to manage the property which will make the process much easier since they can act on behalf of the estate. A few roles regarding the establishment of a will or trust are:
- Executor: An executor is usually named in the deceased’s estate plan and is in charge of managing the estate.
- Trustee: If the deceased created a trust, then the trustee named will manage the terms of the trust.
- If there are no plans left by the deceased, someone must be identified for the role.
Absence of a Will or Trust
The courts have to become involved if the deceased has left no estate plan of any kind to determine what will happen to the assets. If there is no will or trust, then someone must petition the court for control as estate executor or power of trustee. Once someone is named, they must petition to open the probate estate to receive a testamentary letter. Once the letter has been received and the estate is opened, the named trustee or executor can then distribute assets.
One should contact a real estate investor if they are having difficulty figuring out the management of real estate property or the division of inherited property. They can help you determine the tax rates that may apply to the property and can also get you reductions on those rates. The right lawyer can help the heirs receive the highest monetary value for their portion of real estate.