Estate Administration
The estate law attorneys at Alexandria, Virginia's Richard A. Dezio, P.C. have years of experience acting as administrators and executors of estates as well as assisting executors in the process of estate administration. They can guide you through the complex process of estate administration.
Being appointed as the executor of someone's will can be an honor and a burden. If you accept the role, it is your responsibility to oversee the final details of the deceased person's estate. Executors are not required to be financial or legal experts, but you are required to fulfill your fiduciary duty—that is, to act with the highest degree of honesty, impartiality, and diligence.
What does the executor of a will do?
As executor, you must ensure that the deceased person's estate is handled according to his or her wishes. This is a complicated process which may include the following:
- Starting the probate process
- Obtaining the death certificate and a federal tax number for the estate
- Filing the will and other legal papers with the probate court if the size of the estate requires formal probate
- Taking an inventory of the estate
- Managing the property of the estate
- Determining the value of all banking, savings, mutual funds, and brokerage accounts at the time of death
- Using estate funds to pay estate expenses. This may involve selling estate assets.
- Paying any debts using estate funds
- Filing for any applicable survivor benefits
- Filing final local, state, and federal taxes for the deceased. This includes final income taxes and estate taxes.
- Supervising the distribution of property
Conservatorships
Often referred to as the "guardian of the estate," a conservator is an individual given the legal right to oversee the assets and finances of a person the court determines is legally incapacitated. Conservatorships can be avoided through estate planning, by giving durable power of attorney to a trusted person of your choice. As an alternative, you can also create a living trust with a designated trustee to manage your assets if you are unable to do so.
Guardianships
A guardianship is similar to a conservatorship in that it gives legal rights to someone else in the event you are incapacitated. However, unlike a conservator, a guardian is responsible for your housing, health care, and other day-to-day necessities if you are unable to care for yourself.
Start protecting your tomorrow today
Planning for the future—personally and professionally—is crucial. The skilled attorneys at Richard A. Dezio, P.C. can assist you in estate planning, administration, and litigation. Contact us today to learn more about how we can help you and your business prepare for the future.
