Probate 102 – Marshalling of Assets and Payment of Liabilities
Once the courts grant the Executor letters testamentary, it is time to marshal the assets and pay the liabilities of the estate. Miller & Miller Law Group PLLC can provide valuable advice and help with this process. Marshalling the assets involve first locating the assets of the decedent. The assets that are to be marshaled are any accounts and property that did not have a beneficiary attached. Below are some of the steps an Executor may need to take to fulfill their duties as Executor:
Being an Executor is no easy task. It can be very difficult to find where a decedent had their assets. Also, deciding whether to sell an asset or transfer at value is another difficult decision an Executor may need to make. The most important step of being an Executor is keeping detailed records. Every penny that was brought into the Estate should be accounted for.
Many Executors make critical mistakes in this phase of the probate process. Miller & Miller Law Group, PLLC is here to help make sure that the Executor is protected and fulfilling their duty to the beneficiaries listed in the will. To speak with an experienced Probate Lawyer feel free to give us a call at (718) 875-2191 or request a consultation. Visit our page on Probate 103 to learn about distribution according to the last will and testament.