Streamlining the Estate Administration Process: How Washington DC Attorney Can Help?
There is more to estate planning than the decisions one makes about how their possessions should be allocated when they die. It is prudent to think holistically and see the hands-on actions that must be accomplished for one’s aspirations to come true.
What is Estate Planning?
Estate planning is the advance planning or designation of the persons or organizations to whom one’s possessions should be passed following death or illness.
It is intended for everyone. An estate plan in Washington DC, specifies how one wants their assets dispersed among their loved ones, as well as who one wants to make medical choices for after their death or when one becomes disabled and unable to handle their things on their own. Estate Planning attorneys construct it to maintain and safeguard the estate. It ensures that the client’s family is safeguarded in the event of their death or disability. It can even help one avoid a costly and time-consuming judicial proceeding.
Guidelines for Estate Administration
Executor Responsibilities
If one uses a last will and testament as the centrepiece of their estate plan, they will appoint an executor or personal representative to act as the administrator. Following the death, the will would be accepted for probate, and the court would oversee the administration procedure.
The executor would be responsible for locating and inventorying any assets that would eventually be passed on to the parties mentioned in the deed. When there is a lot of property and various financial accounts, this can be easier said than done in some circumstances.
Another inefficient part is the probate process itself. Because creditors are allowed time to come forward seeking satisfaction, and the court has a workload, it usually takes eight to nine months to a year. Until the estate has been probated and closed by the court, no inheritances can be distributed. All this takes a considerable time.
Living Trusts (Revocable Trusts)
A revocable living trust may be preferable to a last will and testament for various reasons. When one creates a revocable living trust, one retains complete control because one can initially serve as both the trustee and the beneficiary. In practice, nothing changes in terms of direct access to the resources.
To account for the events that will occur after the client’s death, the client appoints a successor trustee to act as administrator. It could be someone the client knows, but there is another possibility. Trust companies, banks, and other corporations provide professional fiduciary services, and in some circumstances, this is the best option.
The living trust’s subsequent beneficiaries would be the client’s heirs. The objective is to make the trust the owner of all of the client’s estate’s property. This is primarily a procedural procedure because the client would retain complete control.
When the time comes, the trustee will not have to undergo a time-consuming and laborious asset identification process. The resources would be merged efficiently in one location, considerably simplifying the estate administration procedure.
One can also account for any property in their personal possession at the time of the death. One can include a pour-over will, allowing the living trust to absorb these riches.
Benefits And Disadvantages of Probate Simplification
There is no reason not to be as efficient as possible during the probate proceedings. Being efficient and designing a sensible and streamlined estate plan saves administrative expenses, attorney fees, and other costs. If possible, an individual can occasionally plan ahead of time, resulting in less or less liability to estate or inheritance taxes.
The most significant advantage for clients and their families is that the sooner the administration procedure is over, the sooner a family may begin to properly heal and grieve the loss of a loved one.
Lawyer’s Role In Simplifying Probate
Lawyers are knowledgeable about the probate requirements; an attorney can help to ease probate. An attorney can also help to speed up the process by preparing a plan for estate administration. They can aid in gathering the estate’s assets, paying all legally enforceable obligations, and then making distributions in accordance with the stipulations of the final will and testament.
A number of overlapping concepts come into play during the probate procedure and estate administration in general. First, the state has statutes that govern the probate process. In addition to probate laws, there are a variety of tax systems, including many tax laws that may apply to estate administration.
A person may desire to take help from an attorney to assist them in navigating the various systems, timeframes, and rules that apply following the loss of a loved one. Using their prior knowledge of estate proceedings, a probate attorney can frequently aid an individual in streamlining the procedures.
Hope the guidelines shared above will help one in taking an informed decision. One can contact the expert attorney at Washington Law Partners Firm for further assistance.
We Are Here To Assist!
When developing a holistic plan for aging that will culminate in the transfer of one’s legacy, collecting as much valuable knowledge as possible is prudent. However, at some point, it is necessary to take tangible action in order to implement a custom-tailored plan.
If that time has come, the expert attorneys of WLP firm, a leading Washington DC Law Firm, are here to assist. The Davies Building, where the WLP’s office is located in the Central Business District, is just steps away from the Farragut North and Farragut Square Metro stations. It is also close to the Washington DC, Superior Court and all government institutions and court systems. The expert attorneys always provide free initial consultations at their office, conveniently located near metro stations.
The renowned law firm also offers structured pricing or monthly payment options to make legal services more reasonable. Legal concerns are not usually easily or cheaply remedied. This firm has the means to litigate issues decisively on behalf of its customers when necessary. To avail of the benefits of the best estate planning services or any other legal services, visit Washington Law Partners now!
