When people plan to administer their estate, they include directions in their will on how to complete this process. This provides an outline on how they want their assets to be distributed when they die. They can include the names of beneficiaries in their will. These beneficiaries will receive a specific part of the estate, whether it is a sentimental possession or a greater asset in the estate. You may appoint as many beneficiaries as you need to administer your estate to your satisfaction. This can include various loved ones, including family members and friends. Assets can include your real estate, your motor vehicles, sentimental items or highly valued possessions. It can include a range of items that you wish to pass on to other individuals to benefit them and have your assets inherited. Beneficiaries will be administered their share of the estate after the individual dies and probate is completed. The executor will distribute the assets to the beneficiaries to ensure they are given the proper asset.
How does an executor compare?
During the estate administration process, an executor takes charge. This individual is named in a deceased person’s will to carry out responsibilities after their initial death. There is only one executor named to carry out these tasks. They must complete these tasks to the best of their ability or they may be seen as unfit for the role and can be removed from their position. An executor is responsible for paying off taxes and debts that the deceased person has left behind. They will tie up any loose ends that remain. These individuals will have access to the estate in order to do so. An executor also has the responsibility of collecting the assets and possessions that are named to be distributed to beneficiaries. This may include a wide range of various items depending on the number of beneficiaries that are named in the will. One of the main roles of the executor is to bring the will to probate. They will have to file the will in the Surrogate Court to ensure its validity. This can then move the process along to the next steps.
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.