Long Island probate attorneys represent the executor of an estate as well as heirs or beneficiaries during the probate process after someone has passed way. The probate process can be a complicated, time consuming process that involves significant costs. It is important for those who are involved to get appropriate legal help to move through the process efficiently and effectively so heirs or beneficiaries can inherit as quickly as possible.
Unfortunately, even when everything is done right, the structure of the probate process means that the process is inherently a lengthy one. As Investopedia
explains, the probate process can often take around a year– and sometimes more if the estate is a particularly complex estate or if there are problems such as the will being contested by someone who believes it isn’t valid.
Because the probate process can take a long time, the assets that the deceased person owned must be managed appropriately. One common question asked of Long Island probate attorneys is: who exactly is in charge of managing the assets?
Eghrari Wealth Training Law Firm can help those involved in probate to understand who has the responsibility for managing probate assets and can provide guidance to the person with this obligation. Give us a call to find out more.
Who is in Charge of Managing Estate Assets During the Probate Process?
During the probate process, the person who is appointed as executor of an estate is usually the one who manages the assets of the deceased person. When a deceased person has made a last will and testament, that will likely contained the name of a trusted family member or friend who could serve as executor. It is the job of the executor to initiate probate proceedings and to move the will through the probate process. However, the court also has to appoint the executor; it is not enough that the deceased simply named someone to wind up the affairs of the estate.
If you have been named as an executor in someone’s will, you do not necessarily have to accept this responsibility if you are not comfortable with all that is involved in fulfilling the executor’s role during the probate process. During the entirety of the probate process, you will be in charge of managing the assets held within the probate estate. You’ll have a fiduciary duty to act in the best interest of heirs or beneficiaries and you could find yourself facing legal action if you are accused of breaching that duty.
In some circumstances, the person that the deceased individual named as an executor of an estate won’t be able or willing to fulfill the necessary tasks. There will also be no designated person to serve as executor of an estate when intestacy law applies because the deceased person had no will at all. In circumstances where there is no chosen executor or where the chosen executor cannot fulfill his role, the court will appoint a personal representative or an estate administrator who is in charge of managing trust assets.
How Can Long Island Probate Attorneys Help?
Long Island probate attorneys can advise both executors and personal representatives of what their obligations are for fulfilling their fiduciary duties and managing the assets of the person who has passed away. This can include doing many different tasks, from paying the mortgage bill on property the deceased owns but hasn’t paid off in full yet to managing investments that the deceased had made prior to passing away. A every step, Eghrari Wealth Training Law Firm can provide guidance and advice to make the process of managing estate assets as easy as possible.
Getting Help from Long Island Probate Attorneys
Eghrari Wealth Training Law Firm has extensive experience representing individuals who are serving as executors and who are serving as personal representatives. Our knowledgeable legal team can assist those who are in charge of managing a deceased person’s assets in order to ensure they fulfill their responsibilities and avoid the potential for legal action. We can also help clients who are making an estate plan to choose the right person to mange assets.
To find out more about the assistance we provide during the probate process, give us a call at (631) 265-0599 or contact us online to talk with Long Island probate attorneys. You can also download our estate planning checklist to find out more about how to make your estate plan and choose the best person to wind up your affairs during probate. Call today to get started.