Hartford probate attorneys at Nirenstein, Horowitz & Associates can provide assistance after someone has passed away. Our firm represents family members who want to ensure that the assets of their deceased loved one (called the decedent) are managed in an appropriate way so the wealth is protected and so heirs or beneficiaries can inherit in a timely manner. We can assist you in determining who is in charge of managing the assets left behind by the decedent and we can help that person with the responsibility to manage assets to fulfill his obligations during the entirety of the probate process.
When a person works his whole life to build wealth, that individual deserves to have his or her wishes respected regarding what happens to those assets. The decedent deserves to have the assets managed properly and transferred to new owners of his choosing in a timely manner. Our firm can help to make that happen, so give us a call as soon as someone in your life has passed away.
Who Is in Charge of Managing Estate Assets During the Probate Process?
During the probate process, generally the executor of an estate is the person who will manage the assets that the decedent left behind. The executor is a person who is chosen by the decedent when the deceased person made his last will and testament. The will names the executor, but the court has to actually appoint the executor and the executor must agree to take on the role. Because the executor has many responsibilities — both related to managing the estate assets and related to other tasks that must be completed during the probate process — it is very important for the person who has been chosen as an executor to talk with Hartford probate attorneys before agreeing to take on this role.
If an executor is not able or willing to take on the responsibility of managing the assets of the estate, then the executor can decline to fulfill the role. If there is no will, then there is no executor who was named by the decedent to fulfill the role of managing the assets of the estate. In either of these situations, whenever there is no chosen executor, the court will appoint a personal representative. The court will determine who is best suited to fulfill the role of managing estate assets and who is willing and able to fulfill this responsibility.
Whether an executor or a personal representative is in charge of managing assets, that individual has a fiduciary duty. This is the highest duty owned under the law. Executors or personal representatives cannot act to enrich themselves and must ensure that there are no conflicts of interest as they manage the assets that are owned by the decedent’s estate. They have the responsibility for taking all necessary steps to ensure that assets are kept safe until those assets can pass on to new owners.
There are many different requirements that could be associated with the management of assets during the probate process. The executor or personal representative will have to pay any bills that are due, such as paying the mortgage on a property that was owned by the decedent. Paying these bills should be done out of the assets of the estate and the executor or personal representative will need to keep a careful accounting of any money that is spent in the management of the estate assets.
Hartford probate attorneys can provide assistance to executors or personal representatives to understand and fulfill their responsibilities. An attorney can also help heirs or beneficiaries in making sure that an executor fulfills his responsibilities so an inheritance is protected. The probate process can last for months, so having help is important, especially if the estate is a substantial one with valuable assets.
Contact Hartford Probate Attorneys for Help
Nirenstein, Horowitz & Associates can provide assistance to executors of an estate or to personal representatives who have been assigned to fulfill the role of estate administrator. As an executor or estate administrator, you want to ensure that you fulfill your responsibilities so that the wishes of the deceased are respected and so heirs or beneficiaries are able to inherit all of the assets that a decedent wanted them to have. Our firm will help.
To learn more about the role that Hartford probate attorneys can play in helping you to take care of probate assets, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online today for personalized help with all aspects of the probate process.