After a loved one has passed away without a valid Trust, his or her estate will go through a court-supervised process to distribute the estate assets. This process is known as probate. Unfortunately, probate is an expensive, time-consuming, highly public and often frustrating process, made all the more difficult by the grief that accompanies the loss of a loved one. As the personal representative you have a fiduciary duty to administer the probate estate properly and timely, which means marshaling of all probate assets, have the probate assets appraised, seek prior court approval. For certain actions, formally notify creditors, file the decedent’s final income tax returns, file estate tax returns and prepare a formal accounting of the probate estate’s assets and expenses.
If you have been named an executor of a Will of if there is no Will and you wish to become the administrator of your loved one’s estate, Nersesyan Law, P.C. will help you efficiently navigate all the intricacies of the probate process from beginning to end despite the complexity of your case.