Administering an estate can be a complex task, especially for an executor unfamiliar with the process. When the attorney who helped draft the deceased’s will is no longer available, it adds another layer of difficulty.
However, there are several other resources that can assist an executor in fulfilling their duties.
Estate administration services
One common resource is a professional fiduciary or estate administration service. These services specialize in managing and settling estates. They offer assistance with tasks like collecting assets, paying debts and distributing property according to the will. Professional fiduciaries have the expertise needed to navigate the probate process, helping you handle the estate according to the law.
Financial advisors
A financial advisor can provide valuable insight into managing the estate’s assets. They can help you understand the tax implications of your decisions. Financial experts also have keen insights that assist in liquidating or transferring investments. Look for financial advisors with experience in estate planning and administration to get the best guidance.
Accountants
An accountant familiar with estate and probate taxes can assist with preparing the final tax returns for the deceased. They can also ensure that the estate’s financial records are accurate and complete. In cases where the estate involves business interests or complex financial matters, having a knowledgeable accountant is a huge boon.
Trust companies
Trust companies manage assets, provide guidance on estate matters and ensure that all processes honor the terms of the will. They have the experience to deal with various aspects of estate administration, from managing investments to distributing assets. Trust companies are particularly useful for larger estates or when the will includes a trust itself.
By exploring the resources available to you, the heavy responsibilities of administering an estate can be much easier to carry out. With an open mind, you can find the right help to administer the estate effectively and honor the wishes of the deceased.