The administration of Trusts and Estates for deceased and incapacitated persons is more complicated than you might think. Whether a person has a Revocable Trust, a simple Last Will, or no estate planning documents, action must be taken to handle his or her affairs.
The assets must be inventoried, and liabilities resolved. Decisions must be made regarding investments – to hold, sell or distribute them to the heirs. Personal property must either be properly stored, given to the heirs, auctioned, or donated to charity. Real estate may have to be sold or a business wound up. There are tax implications and disputes sometimes arise among beneficiaries. All these matters must be handled with careful attention to the details, and with due sensitivity to the family members involved.
The person responsible for handling the administration of a Trust or Estate (known as the fiduciary) has a duty to handle everything timely and efficiently. The fiduciary has many responsibilities and will need to assume control of the assets, pay the debts and expenses, file tax returns, and account for all of his or her activities.
Handling a Trust or Estate for a deceased or incapacitated person is very different than handling your own assets. The fiduciary often has to balance the competing interests of many family members. These responsibilities should not be taken lightly, even if everyone appears to get along and there are few assets or liabilities. If the fiduciary does not handle everything properly, he or she could become personally liable for any problems.
Probate and estate lawyers can help attend to the details, avoid conflicts among beneficiaries and family members, and work to uncover tax saving opportunities. If your family member had an estate lawyer, consider working with him or her. Same with the accountant or financial advisor, generally any professionals who have a working relationship with your loved one can be a very good place to start.
William Gaggos is extremely professional and well connected. Mr. Gaggos listens to his clients and is focused on achieving their desired legal outcomes.