Estate Administration, NJ
If you have to administer an estate, you should seek estate administration services from The Law Office of Wade Suthard. Being the executor of someone’s estate is no easy task, and there’s nothing wrong with asking for help. An experienced lawyer can guide you through the process and answer all your questions.
Estate Administration
If you just found out that you’re the executor of an estate, you may feel overwhelmed. It’s certainly a big undertaking, but you can get through it just fine if you’re organized. Here are a few tips to follow.
- Locate the Will or Trust: Before you can officially begin the estate administration process, you have to find the decedent’s will or trust. The legal document will include important information, such as designated beneficiaries and guardians for minor children. If you’re unsure of where the document is located, check the decedent’s safety deposit box. If you still can’t find it, you may want to contact his or her estate lawyer.
- Communicate Regularly with Beneficiaries: As an executor, it’s your responsibility to provide regular updates to the decedent’s beneficiaries. They will likely be anxious to know what’s going on with the estate. Even if there are no new updates, you should still contact the beneficiaries once a week to maintain rapport.
- Eliminate Unnecessary Expenses Immediately: The last thing you want to do is drain the decedent’s account with unnecessary bills. That’s why you should go through the decedent’s expenses and see what you can cut out. For example, while you’re required to still pay the electricity bill on the decedent’s home, you can cancel the phone and cable bills.
- Speak to a Lawyer: Handling an estate can be a lot of work, so it’s worth it to seek the help of a lawyer from The Law Office of Wade Suthard. A lawyer can help you through the legal steps and answer all your questions. He or she can help you avoid mistakes that could cost the estate money.
- Pay Off Debts: Before you can begin distributing assets to beneficiaries, you have to pay off all the decedent’s debts.
- Take Your Time: At first, you may feel pressure to complete the administration process as quickly as possible. Beneficiaries may be calling you constantly about updates and you just want to get everything over with. However, you shouldn’t rush the process. If you hurry, you could miss important steps and be held liable.
If you need assistance with estate administration, schedule a consultation with The Law Office of Wade Suthard.
