When a person dies and leaves behind their assets, there are certain taxes that will have to be paid during the probate process. If someone’s spouse passes away and all their assets were joint between them, there are no immediate taxes due. However, if the deceased leaves behind assets that were specified in their name only such as bank accounts and property, then estate administration tax will be required and a certificate of appointment of the estate trustee will also be needed to go forward with the distribution and management of their estate.
If the deceased left behind a property that was used as the principal residence, then there is no income tax payable in more cases. However, if there is a property that was not joint and only belonged to the deceased, then it cannot be transferred over without paying the appropriate tax on it first and without getting the certificate of appointment and estate administration.
There are so many legal complexities surrounding estate planning and anyone who wishes to make things easier for their loved ones and have their assets effectively managed should reach out to an estate planning attorney to help them with the process.
It’s never too early to get estate planning done and no matter how numerous or few one’s assets are they should take the step of hiring an estate planning attorney as soon as possible. Of course, everyone deserves to have their wealth distributed and manage the way they intend, even when they are no longer there to oversee everything. An estate planning attorney can make this happen by creating a legally approved will and trust, so everything is properly taken care of even after they die.
Understanding the Certificate of Appointment of Estate Trustee in Saint George, Utah
After a person passes away the validity of their will is tested through the probate process. The person who is named in the will as the trustee has the authority to manage the estate and the court will grant them a certificate of appointment of an estate trustee, so they have the power to act as an executor of the estate.
A person will need to file a will alongside a sworn affidavit and all the legal forms to the court. If the legal paperwork is approved, a person will be able to get the certificate and move forward with managing the estate.
Get in touch with an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead today to learn more about the estate planning process.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard