Estate Administration Attorney in Berks County, PA
Managing Legal Matters After a Loved One's Passing
When someone passes away, their
estate plan must be administered.
The task of administering the estate is done by:
- The executor named in the deceased's will
- An individual named as a trustee in the deceased's trust
- A court-appointment administrator if there is no will
Whether you are an executor, trustee, or family member of the deceased
person, the administration of their estate is important to complete correctly.
Dorko Wealth & Estate Planning can help people who may feel unprepared or overwhelmed by the estate administration
process. Those tasked with estate administration can be held liable for
errors or missteps by an estate’s beneficiaries. Our attorney,
Jeff Dorko, guides executors, administrators, and trustees through each step along
the way. He provides the oversight they need to guard against common mistakes.
Get assistance from a estate administration lawyer in Wyomissing. Reach
out to Dorko Wealth & Estate Planning today for a free consultationby
contacting us online or calling
(610) 957-0018.
Essential Tasks During Estate & Trust Administration
Estate administration is a time-consuming and labor-intensive process regardless
of how simple or large an estate may be. Less complicated estates can
take as long as eight months to administer. However, more complicated
or disorganized estates can take years to fully settle.
In any estate administration there are three basis steps:
- Compiling an inventory of what is included in the estate and gaining control
over those assets
- Paying all debts, funeral expenses and taxes including final income taxes,
Pennsylvania Inheritance tax and, in rare cases, Federal Estate tax
- Distributing the decedent's assets according to the Will or Trust
The specific tasks in each estate administration will vary.
Factors affecting the administration process include:
- Whether there is a will or trust
- How assets are titled
- Beneficiary designations
- Existence of creditors
As the executor or trustee, you will be tasked with the following and more:
- Obtaining death certificates
- Verifying the deceased’s will or terms of a trust
- Notifying beneficiaries of the estate
- Notifying creditors of the deceased
- Identifying and gathering all property belonging to the estate
- Developing a system to track the estate’s accounting
- Valuating property to determine how much the estate is worth
- Paying taxes owed to the state or federal government
- Preparing a final tax return for the estate
- Paying off valid debts owed by the deceased
- Paying yourself an executor’s commission (if you wish to take a fee)
- Distributing the remaining assets to the beneficiaries according to the
decedent’s wishes
Of course, this is just a simplified overview of what will be involved
in the estate administration process. There are many smaller – but
no less important – tasks that will need to be accomplished.
Our estate administration legal team in Berks County provides you with
the support you need. We can take as many tasks off your plate as possible
and provide you with protection from liability.
Dorko Wealth & Estate Planning can help you know which steps to take,
when to take them, and how to take them.
Call us today to get started!
