Are you looking for an experienced estate administration lawyer in Dallas, Texas? Call Anderson Estate Planning at (469) 207-1529.
Estate administration refers to managing the entirety of a deceased person’s property, including real estate, mineral interests, stocks, bonds, mutual funds, personal property, and liquid assets. The process typically involves collecting and valuing assets, settling any debts or claims, paying estate and capital gains taxes, and distributing the remaining assets to beneficiaries.
Estate administration can be a complex and sometimes stressful undertaking, especially with high-net-worth estates or estates that carry a lot of debt. Anderson Estate Planning can help navigate the estate administration process in Texas.
What Does an Estate Administration Attorney Do?
An estate administration lawyer’s tasks differ depending on the estate’s complexity. For example, estate administration lawyers may:
- Counsel executors and beneficiaries about their legal duties and rights.
- Facilitate the appointment of an executor.
- Contact government authorities and financial institutions to notify them of the decedent’s passing.
- Help an executor identify and gain control of a decedent’s assets.
- Speak with other experts for determining property valuations
- Communicate with creditors regarding claims against the estate.
- Prepare relevant legal documents to carry out the wishes of the decedent.
The Estate Administration Process in Texas
Once a Texas court appoints an estate executor or administrator, they must do the following:
- Publish a notice to creditors and notify unsecured creditors, and accept or reject any claims within 30 days
- Prepare an inventory of the decedent’s assets, an appraisal of the value of those assets, and a list of claims against the estate, all to be filed with the court
- Pay any applicable debt or claims as well as local state or federal taxes from a previously designated bank account
- Distribute remaining assets to heirs and beneficiaries
An executor or administrator of an estate has a fiduciary duty to act in the best interest of the decedent’s beneficiaries and creditors. An estate administration attorney can help verify an executor or administrator complies with their legal responsibilities.
A proficient estate administration lawyer also can help mail notices to creditors, validate or dispute debt claims, and help you address any challenges that arise when a person dies intestate, when a family member contests a will, or when there needs to be a determination of heirship.
Why Hire an Estate Administration Attorney?
As an executor or administrator of an estate, you must adhere to your duties required by law. The experienced legal team at Anderson Estate Planning is here to advise you regarding those duties and to assist you with the estate administration process.
Anderson Estate Planning: Probate, Estate Administration, and Asset Protection Lawyers in DFW
Have you been designated as the executor or administrator of an estate? Anderson Estate Planning will make estate administration as efficient and stress-free as possible. Our law firm can help facilitate the estate administration, probate, and asset distribution process and help you overcome any legal hurdles.
Do you need an estate administration lawyer in the Dallas-Fort Worth area? Call us at (469) 207-1529 or schedule a consultation online.