What Is An Estate?
An Estate makes up the assets, property, and debts of a deceased person. If a person passes and leaves behind a car, bank account, and several pieces of property, all of these items will belong to the Estate once that person passes away. This also includes debts, which means that all debts, liabilities, and any mortgages, must be paid off prior to the beneficiaries receiving anything that has been set aside.
A beneficiary is the person/persons who are named in the Trust or Will that has been left by the deceased. There can be more than one beneficiaries assigned. A beneficiary may have to share the proceeds at the time of the disposition, based on the instructions of the deceased individual.
Common Relating Issues
The most common issues include taxes to be paid on estates, representative and other professionals that must be contacted in the estate administration, the distribution, and possibly claims made against. Regardless of whether your question is simple or complex, our law firm and team of estate lawyers are here to provide easy, accessible services to meet your needs.