Estate Administration Equally As Important As Planning
People who have accumulated assets during their lifetime usually want to pass those assets down to surviving family members, friends or maybe even charitable organizations when they die. Through trusts, wills and other legal instruments, people in Florida can map out and plan their goals for the disposition of their estate upon death. But the estate planning process is just one component of achieving a person's wishes for their estate upon their death.
In addition to the importance of estate planning, the estate administration process is essential to carrying out a person's wishes regarding their estate. Estate administration includes compiling a record of all of the estate's assets, paying any debts and tax responsibilities that the estate has, and then distributing the assets according to the decedent's estate planning documents.
While the estate administration process sounds straightforward enough, it does not always go smoothly. The decedent's personal representative, also known as the executor of the estate, could make a mistake, like missing a tax filing deadline or mishandling a retirement account, while administering the estate. These kinds of mistakes can deplete the value of the estate, and also lengthen the amount of time it takes to distribute the assets.
Rignanese & Associates is available to work with clients on their legal needs. Please reach out to us at 863.294.1114.
1. On behalf of Kelly Kennedy of J. Kelly Kennedy, Attorney/CPA, PLLC which has been acquired by Rignanese & Associates, PLLC.