After the estate plan is prepared, administration is the process of putting it into action. Administration of an estate in Utah begins when an event, like incapacity or death, activates a provision in your estate plan. The person or persons specified in your estate plan, the executors, become responsible to execute the plan according to your directions.
Administering the estate is a complicated process. The individuals who administer the estate need to have experienced and capable advisors that can help them with the process. The executors must make critical decisions, quickly at times, and with prudence.
Some of tasks of executors include preparing tax returns, taking inventories of properties, and signing documents in your place. Overall, executors are the ones that divide and distribute your assets to the individuals or organizations set forth in your estate plan.
While each estate is different, these are steps they mostly follow:
Filing the petition with the probate court
Giving notice to the heirs under the Will or statuary heirs if there is no Will
Filing the petition to appoint the Executor or Administrator of the estate
Taking inventory and appraisals of the estate’s assets by the Executor
Paying the estate’s debts to creditors
Selling of the estate’s assets
Paying of estate taxes, if required
Distributing the assets to heirs
It is recommended that the Executor seek out the help of an attorney to assist with his or her responsibilies. Executors have a lot of decisions to make, and our firm can help guide them through the process with sensitivity and thoroughness. We try to make the estate administration process as simple and effective as possible.
Wilson Law Offices- 1555 E. Stratford Ave., #100,
Salt Lake City, UT 84106 - 801-467-5800