What Does It Mean To Administer An Estate?
When planning for how your estate will be distributed after you have passed on, you likely came across the term “estate administration”. The attorneys of Hassett & George want to educate you on what estate administration is and how it will impact you going forward. Here are some common terms that you want to be familiar with in regard to estate administration under Connecticut law.
- Probate: Probate is a process that every estate goes through. It involves, at the minimum and without any disputes, filing paperwork, paying debts and the essential fulfillment of the obligations of the deceased and their will. If there is a dispute, then things become complicated with additional hearings and legal intervention.
- Executors: Also called personal representatives, executors are people or entities designated to manage the estate. It can be a family member, a trusted friend or a lawyer, a bank or another company. Often the executor will have been selected by the deceased, but the judge would still have to approve it, and if there is no will the judge will have to appoint someone.
- Wills: A will is a document created by a person in order to describe their wishes in regard to their property after they die. The last will and testament of a person is one of the guiding principles used during probate proceedings.
- Trusts: These tools can be used instead of a will entirely or in conjunction with a will, or they can also help manage property during life. Essentially, the property is signed over to an entity, either a business entity or a person, who becomes a trustee, and they distribute the property for the benefit of a designated beneficiary. It can be used to mitigate estate tax liability or if you have concerns about how your estate will be spent.
Estate administration law is incredibly complicated. These terms are only here to guide you to some understanding of what is involved in estate administration. For a more comprehensive discussion of estate administration and how we can use our nationally respected commitment to results for your benefit, call our Simsbury or Glastonbury office. Our number is 860-651-1333. You may also get in touch with us by using our contact form.