When are assets distributed?

Before individuals die, they will hopefully have a will in place. This document can include information on how they will distribute their assets and possessions after death. This can be helpful for a family. They can understand what assets are being given to them and why. The executor is named in a will to carry out specific responsibilities regarding that estate. The executor has a certain amount of time to bring the will to probate, which can then commence the distribution process. The executor is in charge of gathering the correct items that are to be distributed. This role is important to make sure that the beneficiaries are receiving what is being named to them in the deceased’s will. The beneficiaries will be called forward to receive an asset. The assets named in the will are examined and given to the beneficiaries that are named by the deceased. The executor is not involved in the decision-making process of who gets what. A deceased individual may give their properties to their child, grandchild or leave them to their spouse. Their family and close friends may be beneficiaries of their estate. At these times, it is important that the beneficiaries take what is named to them.

What responsibilities does an executor have?

Estate planning is an important process for after death. Estate administration makes it easier for individual’s possessions to be distributed. If someone were to die without having a valid will in place, it can make it harder to understand what they would have wanted done. When a will is legalized, it plans for someone’s estate after they have deceased, leaving everything taken into account. Their will should be examined after their death to understand its contents and how things should be done from there. An executor should be named in the will to perform duties after the death of the individual. This gives one person the responsibility to complete the required tasks involved in estate administration. They may have to pay off taxes or debts that the person left behind and was unable to complete. This may require them to meet with attorneys, accountants or any other professionals in a field to complete the tasks required of them. The role of an executor is important since it is integral to the estate administration process. The individual given this role is assigned to finish tasks that were left behind by the deceased.

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.