One of the most demanding responsibilities of an estate’s personal representative is to inventory all debts and demands, inform all known creditors of the administration and pay those obligations using the estate’s available assets. However, the process becomes...
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Estate Administration And Probate
5 common probate pitfalls to avoid
Facing the complexities of probate can be daunting, especially when learning about the process’s potential setbacks. Understanding common pitfalls is crucial to ensure a smooth process. Here are five common probate errors to avoid: Failure to file will in a timely...
How executors can prevent disputes with beneficiaries
When an executor is dealing with the estate of a deceased person, it is not uncommon for disputes with beneficiaries to arise. These situations usually happen since estate administration is a sensitive time for everyone and emotions can run high. Nonetheless,...
What happens to a decedent’s debts?
When a person passes away, resolving their debts becomes an integral part of settling their estate. The process is overseen by the estate's executor or administrator, who works in accordance with the law to fulfill these obligations. Understanding this process can...
When does an estate need to file an income tax return?
Tax obligations can have a major impact on estate administration. Larger estates are sometimes at risk of estate taxes, which can substantially reduce the full value of the estate. There could also be income tax obligations to address. The personal representative...
3 advantages of a corporate trustee versus a family one
Choosing between a corporate trustee and a family trustee is a pivotal decision that can significantly impact the outcome for beneficiaries of a trust. Even if you have the perfect family member in mind to oversee a trust, it’s important to understand that corporate...
Tips for choosing the executor of your estate
One estate planning task you might not have considered involves naming someone to take charge of things when you die. An executor, as they are known, takes responsibility for implementing the plan you lay out in your will and broader estate plan. If your estate passes...
Understanding creditor claims in a Virginia estate administration
When an estate goes through administration, a vital part of the process is satisfying the deceased debtor's obligations by notifying all creditors and allowing for the filing of debt claims against the estate. However, not all claims may be valid and there is no...
What are common mistakes an executor makes in probate?
When a loved one dies, the monumental task of managing their estate often falls on an executor. The decedent could have appointed this person on their will or the court may designate them if there is no existing will. An executor must carry out the decedent’s wishes...
How to simplify the probate process for your loved ones
Without any doubt, your loved ones will one day feel your loss very heavily. Naturally, you want to do everything in your power to make it easier for them when the time comes. Unfortunately, the probate process can be a serious strain, and any problems that come up...