What is Estate Administration?
Estate administration is the process that may come into action if the deceased person does not leave a will or leaves some of their assets out of the will. There may be many aspects and nuances of administering an estate that a layman may not understand. Given below are important questions that are commonly asked.
Can a house with a right of survivorship be considered a part of small estate administration?
In most cases, it will pass on to the spouse of the deceased person by the operation of law.
How much can an estate lawyer charge for their services?
An estate lawyer’s fees may depend on the size of the estate that has to be taken care of and the amount of work that may be required. The minimum amount that an attorney may charge for estate administration is $2500. In most situations, 5% of the first 100,000 value of the estate may be charged and between 1 and 4% of the remaining value above 100,000 may be charged.
What should the maximum value of an estate be in Maryland to qualify for small estate administration?
An estate may qualify for small estate administration if its value is less than $20,000 in Maryland.
What can an individual do if he/she does not get any information about the estate from its administrator or the attorney?
If an individual does not get information about an estate from its administrator, then he/she may send a certified letter asking the administrator for an update. The individual may also ask them to include a full accounting report, an inventory of assets and a timeline for the remainder of the administration in the update. They can also state that if the administrator does not send the update in a specified time period, they may petition the probate court to change the administrator on grounds of breach of fiduciary duty.
Can the heir of an estate challenge its administration and the probate of a will?
This is possible only if he/she is able to provide facts to prove his/her challenge.
Would an investment account be a part of small estate administration in Alabama?
An investment account whose value is not more than $25,000 may be a part of small estate administration.
Can an individual be blocked from being an administrator of an estate in New Hampshire?
If it is proven that he/she is incapable of performing duties towards the estate efficiently. The appointment may also be blocked if another beneficiary applies to be the administrator.
Can an individual who is not a direct relative of a deceased person apply to be the administrator of their estate in Georgia?
This is possible with an annexed will in Georgia if there is unanimous agreement among all the beneficiaries.
Dealing with the property of a deceased individual who has not left a will can be difficult. There may be various aspects to the property that needs to be handled carefully. You may also have to make sure that the distribution of property takes place without any confusion. For more information ask an Expert on JustAnswer today.