Will and trust administration refer to the process of managing and distributing assets after someone has passed away. The administration process can be complex, and it involves a number of legal and financial tasks.
When someone passes away, their will or trust becomes effective and the administration process begins. The executor or trustee of the will or trust is responsible for managing the estate or trust and distributing assets to the beneficiaries in accordance with the terms of the document. This process includes identifying and valuing the assets in the estate, paying any outstanding debts or taxes, and distributing the remaining assets to the beneficiaries.
The administration process can be lengthy and complex, particularly if there are disputes or challenges to the will or trust. Executors and trustees have a fiduciary duty to act in the best interests of the beneficiaries, and they must follow the legal requirements and procedures that apply to the administration process.
An experienced estate planning attorney can provide guidance and support throughout the administration process, and can help ensure that the executor or trustee fulfills their legal obligations and meets their responsibilities to the beneficiaries. The attorney can also assist with resolving any disputes or challenges that arise during the administration process, and can help ensure that the estate or trust is distributed in accordance with the wishes of the deceased person.