In the most recent article of this series (Part 1 is here, and Part 2 is here), we discussed the easy situation (where a will exists, and estate property is relatively simple to transfer while resolving the estate. Unfortunately, that isn’t always the case. What happens when the estate is complicated and there are a lot of debts and perhaps various different kinds of assets? That means we can’t use the easier Muniment of Title method.
We have to do more work and use Letters Testamentary.
Who’s the boss?
In these situations It’s important to know who will serve as the executor.
This person will have the duty of closing out the estate. He or she will be the one responsible for paying off the debts, be involved in the sale of estate property, create an inventory and an accounting (more on this in our next article), then disburse the proceeds and any remaining property to the beneficiaries.
This is the person doing the legwork. She or he is essentially the quarterback of the process and is interacting with other different key players as the estate reaches its resolution.
On the day the executor goes to court and takes the oath to serve, that person will be assigned the fiduciary duty of closing out the estate. After court, the executor will have 90 days to file an inventory and an accounting.
Most people aren’t ready for that. Would you be, right now?
Having a lawyer to help with this process is instrumental. First, of course, an attorney can help you get into court and obtain those letters that get you into the estate’s property. Perhaps even more importantly, a lawyer can guide you through the process of filing an inventory, appointing an appraiser, and crafting an accounting for the final settlement of the estate.
At LongviewLawyers.com, we are always here to serve your needs and assist in the process if you find yourself in need of probating a loved one’s estate. Please contact me, Sung Kim, Attorney at Law, if you find yourself needing some guidance through such a difficult time. You can call me at 903-753-4955 or reach me through the website.
In our next article, we will discuss what an inventory and an accounting are with regard to closing out an estate, and what information is required for you to be able to file these documents correctly.
