Why You Need Assistance with Estate Administration
Have you selected someone to administer your estate in the event of your death? Or more importantly, have you done your estate planning? If you haven’t as yet, perhaps now is a good time to do it. Did you know that most people think they need to own a big house to have estate planning? The truth is that estate planning is not only for the wealthy. From assets to liabilities, an estate is made up of everything a person owns when they die, which is why everyone have the basics in place, which includes signing a will, planning for the needs of the family, and choosing an executor to assist with the estate administration.
Whenever a person passes away, his or her estate must be collected and managed. Estate administration involves gathering the assets of the estate, paying the departed’s debts, and distributing the remaining assets to the family and beneficiaries. Unfortunately, mourning the loss of a loved one is difficult enough, and the last thing you want is to leave your loved ones with the headache of the estate administration.
Estate administration is s lengthy and complex process regulated by law and overseen by the Master of the High Court, so your beneficiaries are going to need professional assistance. Without a basic understanding of the estate administration process, things can become quite stressful – and this is where a trust company is helpful. Here is a quick overview of the key benefits of estate administration assistance:
- Finding and contacting family members and beneficiaries named in the will.
- Submitting necessary documents to the Master of the High Court.
- Establishing claims against or in favour of the estate.
- Identifying, locating and maintaining the assets of the estate.
- Verifying the value of the assets in the estate.
- Determining which assets should be sold.
- Cancelling credit cards, notifying creditors and agencies.
- Paying debts and setting up accounts to manage the finances.
- Completing and submitting income tax returns.
- Making necessary payments, such as mortgage and insurance payments.
- Determining whether probate is necessary.
- Ensuring all assets are distributed,
Velile Tinto & Associates Acts as Executor and Administrator of Deceased Estates
One of the most important decisions you will ever make is choosing the right executor. While you could choose someone close to you, most people do not understand the estate administration process, which is why it is always best to partner with a trust company to administer your estate.
To learn more about estate administration and how a trust company can assist you, contact Velile Tinto & Associates today.