When dealing with parties or transacting business, the executor of an estate will need to ensure that the will is recognized as a valid document.
Trustees must show evidence that the trust is a valid document, as well as proving who is authorized to act as the trustee.
Where a deceased person did not make financial designations or leave directions in a trust or last will, the decedent's assets will transfer according to Utah Probate Laws. Also, Utah's laws provide a priority of persons who qualify for appointment as Executor or Personal Representatives. Consultation with an Attorney regarding intestacy is recommended, though a review of Utah's Probate process is beneficial.
After making all efforts to find the original last will and testament, if you determine it was somehow lost or destroyed, you could use a copy of the will if you have one. Although not ideal, in formal probate a copy of a last will can be presented under
Where the burdens of a fiduciary are too great, it can help to appoint a co-executor to assist and help with administration.
In some cases, executors are unable or unwilling to serve. In other instances, they may need to be removed.
Sometimes an executor is problematic for an estate or has personal conflicts requiring their removal.
A trustee may need to be appointed to get started.
Where a trustee is causing problems, it may be necessary to remove them from office.
If a trustee can no longer serve, it may be necessary to resign.
A Beneficiary may demand a copy of the Will or trusts, but administrators have a responsibility to keep them confidential.
Distributions from trusts or estates might occur over years. It can take time to marshal and dispose of assets in some cases. Consult with counsel.
If a spouse or dependent child is left out of a will, many issues can arise. Consultation with an attorney is recommended.
If it is unclear what was done with the trust or estate property, it may be necessary to request that the fiduciary provide details in an accounting.
Fiduciaries have a duty to provide an accounting to the beneficiaries and ensure that they understand the nature and extent of the property.
Where all parties are amicable and wish to reduce administration expenses, they can agree to waive accounting requirements.
An executor may need to apply for a tax payer ID number, file tax returns for estates or trusts, or report final income of the decedent.
After a person passes away, Social Security must be notified, and survivors must be aware of several options.
If your loved one received Medicaid benefits before passing away, the estate may be subject to Medicaid liens, creditors, and collections. Speak with a Lawyer.
Selling real property to an outside party or to a beneficiary should be handled with consideration to laws and formal documentation.
Renting a home that belongs to a family member is a common process, but should only be done with a formal rental agreement in place.
Asking a tenant to vacate and leave a property that is owned by an estate in preparation to sell must be carried out in compliance with landlord laws.
Giving away or selling the car, motorhome, boat, or airplane of a deceased person requires understanding transfer laws and use of the right documentation.
Disposing of the small stuff can be a challenge, especially with hot items like jewelry, gold, art, collections, or firearms. Executors must take care or face personal liability.
The beloved animal companions of a deceased person are treated as personal property, though subject to additional legal protection.
Inherited IRAs are governed by several rules that must be understood and navigated by survivors.
Roth IRAs can be a valuable, tax free asset to beneficiaries who understand the regulations and optimal ways to handle Roths.
Retirement regulated under ERISA laws has different rules than most other types of retirement plans, requiring additional care.
Selling or winding-down the LLC or partnership of a decedent requires diligent care.
Transferring shares of a deceased requires proper documentation and attention to detail.
Wrapping up the one-man-band small business is laced with surprising difficulties and pitfalls.