We recently reported about the closing of the intestate estate of the musical artist Prince. He passed away in 2016, and the estate was stalled in probate for six years in large part because of the fact that there was a dispute about the degree of estate tax responsibility.
You may have read about the estate planning decisions of other celebrities over the years. Why does the press have access to this information? If it is disclosed to them, can anyone find out the details about any estate?
The thought of this can be disconcerting when you apply it to the administration of your estate. In this post, we will look at the matter of confidentiality when an estate is being administered.
The Probate Process
If you use a will as your asset transfer vehicle, you designate an executor in the document that will complete the hands-on administration tasks after your passing. They cannot conduct the business of the estate independently without court supervision.
The will is admitted to probate, and the executor must adhere to the statutes that apply to the administration of probate estates. While probate is underway, creditors will be notified, and they are given time to come forward seeking payment.
Final taxes are part of the equation as well, and the executor will obtain an seminar schedule page, and we ask that you register in advance for the session you would like to attend.
Need Help Now?
If you have already decided that it is time to work with a Glastonbury, CT estate planning lawyer to establish your plan, we are here to help. You can send us a message to request a consultation appointment, we can be reached by phone at 860-548-1000.
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Can You Give Advance Inheritances to Get Around Estate Taxes?
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