Counsel & Advice From Top New Mexico Estate Planning & Elder Law Attorney
Trust and estate administration refers to the management and distribution of assets and properties held in a trust or estate after the death of the owner. This process involves ensuring that the assets are distributed to the intended beneficiaries according to the wishes of the deceased, while also complying with legal and tax requirements. Trust and estate administration may include tasks such as filing legal documents, managing and distributing assets, resolving disputes among beneficiaries, ensuring compliance with tax and legal requirements, and providing guidance and advice to trustees or executors. Trust and estate administration is typically overseen by a lawyer, financial advisor, or other professional with expertise in this area. The goal of trust and estate administration is to ensure that the assets are distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries.
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In certain situations, beneficiaries of programs like Supplemental Security Income (SSI) and Medicaid may be at risk of losing their benefits. For example, if they come
Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to remember.
Succession planning involves accounting for the worst-case scenario. Without accounting for these risks, your plan could fail, require expensive litigation or jeopardize the family farm.
The Social Security system of retirement benefits, begun in 1935, are a crucial underpinning of life for American retirees. For most people over 65, it’s undoubtedly hard to imagine life without this retirement benefit.
One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
Establishing an estate plan is extremely important. As life changes, it is necessary to update your plan to fit new circumstances.
Only you know your capacity and willingness to serve, or the degree of need expressed by the person asking you. However, it should help to know first that if you do decide to accept, there can be help out there and second there are standard procedures and practices you can follow.
Ben Franklin once said, ‘… nothing can be said to be certain, except death and taxes.’ For all certainties in life, the best thing you can do is plan for their eventual occurrence.
Given their salaries and the chances of getting sued, physicians should strongly consider estate planning early in their careers.
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
