Annapolis probate attorneys provide assistance to those who are involved in the probate process. As Investopedia explains, the probate process can take around a year to complete. In some cases, if the estate is a relatively simple one, the process will go quicker. However, in other situations, the probate process will end up taking much longer because problems will arise such as a will being contested or an executor of an estate being unable to find all estate assets in a timely manner.
Since the probate process takes months, even in the best case scenario, someone is going to have to take care of estate assets while this process takes place. The assets will be transferred to their new owners at the end of the probate process, but until the process is over, the assets have to be managed in an appropriate way so the value of the property is not reduced and so no property is lost.
Sinclair Prosser Gasior can help those involved in the probate process to understand the rules and requirements for the management of probate assets. We can assist you in determining who is responsible for managing the assets the deceased left behind and can provide help with the process of managing those assets.
Who is Responsible for Managing Assets During Probate?
The job of managing assets during the probate process typically falls to the executor of an estate. The executor of an estate is a person who was named in a last will and testament by the will’s creator. After death, when the will is brought to probate court, the court will officially appoint the chosen person specified in the will as the executor.
However, if the person who was designated in the will as the executor is unable or unwilling to fulfill this role, the court will choose a different person to serve as estate administrator. An estate administrator, or personal representative, can also be appointed to manage the probate process and to take care of assets during probate if there was no will created or if there was a will but the last will and testament did not specify who the executor should be.
The executor of an estate or estate administrator will be put in charge of many steps of the probate process, including making sure that creditors, heirs or beneficiaries, and other interested parties are notified of the process. The executor is also expected to find all of the assets that make up the estate, to make a detailed accounting of estate assets, and to collect upon any claims if the estate is owed money or property by others.
Depending upon the amount and nature of the property that is part of the probate estate, the executor of an estate or estate administrator may have a lot of assets to manage during the probate process. Management of assets can include doing things like making sure that bills are paid out of estate assets so that a home is not foreclosed on or lost due to a property tax sale for nonpayment of the mortgage or nonpayment of the taxes.
The executor of an estate or estate administrator has a fiduciary duty in the management of estate assets, which means that the executor or administrator is not allowed to act in his own best interests at the expense of the estate and must act in a responsible and trustworthy manner in the management of the estate assets.
Getting Help from Annapolis Probate Attorneys
Annapolis probate attorneys at Sinclair Prosser Gasior can assist the executor of an estate in managing assets during the probate process and in fulfilling their fiduciary duties. We can help to ensure that the wishes of the deceased are respected and the value of the inheritance is kept safe.