Estate & Probate Administration |
The ability to own property ceases immediately at death and the ownership of assets must be transferred to someone else. While there may be other administrative options available in some circumstances, probate administration is one commonly used process for winding up the affairs and formally transferring the assets of a loved one after death. The process is governed by state law. A probate administration can be “testate” meaning that a loved one had a valid Will, or it can be “intestate” meaning that a loved one died without a (valid) Will.
WHAT IS THE PROCESS TO INITIATE A PROBATE ADMINISTRATION?
In Washington, unlike many other states, probate administrations are fairly simple and streamlined. The personal representative or executor who is nominated in the Will (or, if there is no Will, an appropriate person under state law) must petition (request) the court for authority to be formally appointed as personal representative. Having a will, which nominates a person as personal representative, is not enough to grant them authority to act. The appointment requires a court order. Upon being appointed by the court, the personal representative will obtain “Letters Testamentary” or “Letters of Administration”. These letters are “proof” that the personal representative has the authority to wind up your affairs. These “letters” can often be obtained within a few days of visiting with the attorney.
In Washington, unlike many other states, probate administrations are fairly simple and streamlined. The personal representative or executor who is nominated in the Will (or, if there is no Will, an appropriate person under state law) must petition (request) the court for authority to be formally appointed as personal representative. Having a will, which nominates a person as personal representative, is not enough to grant them authority to act. The appointment requires a court order. Upon being appointed by the court, the personal representative will obtain “Letters Testamentary” or “Letters of Administration”. These letters are “proof” that the personal representative has the authority to wind up your affairs. These “letters” can often be obtained within a few days of visiting with the attorney.
WHAT ARE THE RESPONSIBILITIES OF A PERSONAL REPRESENTATIVE?
• Paying funeral expenses and final medical costs
• Collecting and securing your property (real, tangible, liquid/income)
• Ascertaining the value of your assets as of your date of death
• Consolidating and/or selling assets
• Notifying, identifying and paying valid creditors in a timely manner
• Preparing and filing final tax returns and paying applicable state and/or federal taxes
• Determining who is entitled under your Will/Trust or WA state law to receive your property
• Preparing documents to effect the transfer of your assets
• Paying funeral expenses and final medical costs
• Collecting and securing your property (real, tangible, liquid/income)
• Ascertaining the value of your assets as of your date of death
• Consolidating and/or selling assets
• Notifying, identifying and paying valid creditors in a timely manner
• Preparing and filing final tax returns and paying applicable state and/or federal taxes
• Determining who is entitled under your Will/Trust or WA state law to receive your property
• Preparing documents to effect the transfer of your assets
WHAT DOES A PROBATE ADMINISTRATION COST?
The cost of probate administrations vary from state to state. In Washington, probate administration costs (legal fees and personal representative fees) are not determined as a percentage of the total estate value. Rather, probate administration costs are limited to being reasonable under Washington State law (and the Rules of Professional Conduct for Lawyers) and the fees are subject to court review. Be sure you understand at the onset of a probate administration how legal fees are generated. If you are a personal representative, part of your responsibility and duty to the estate is to manage and preserve the estate for the benefit of the beneficiaries or heirs; this includes making sure that the fees charged are reasonable.
The cost of probate administrations vary from state to state. In Washington, probate administration costs (legal fees and personal representative fees) are not determined as a percentage of the total estate value. Rather, probate administration costs are limited to being reasonable under Washington State law (and the Rules of Professional Conduct for Lawyers) and the fees are subject to court review. Be sure you understand at the onset of a probate administration how legal fees are generated. If you are a personal representative, part of your responsibility and duty to the estate is to manage and preserve the estate for the benefit of the beneficiaries or heirs; this includes making sure that the fees charged are reasonable.