Ways to Save Money
In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money. If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay ...
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It can be hard to think of ways to save money especially for students since they don’t have their own money yet. This is because at times, for all the expenses while on campus, there is barely left to save. Although it is hard, it doesn’t mean that it is impossible for students to save money while studying. All they need is to develop good time management skills, strict budgeting, and practicality. If you are one of those who are thinking of ways to save money while on campus or even before you enter one, here are some of the ...
Six Simple Ways to Save Money
No matter where you look at it, there will be always ways to save money if the person has the will do so. If you are one of those who are trying to come up with ways to save money in this unstable economy, it is best to start with developing a simple lifestyle. When you are able to do this, the rest will follow. But, if you are one of those who are not sure where to start, here are some eight simple ways to save money. 1. Cut down on grocery or shopping sprees. Although buying groceries is a ...
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Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money? Although it looks like a pretty daunting task, it’s not ...
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Probate Estate: Duties Of An Estate Administrator
February 14, 2010 by Best Ways To Save Money
Filed under Personal Finance
Probate estate refers to financial assets, real estate, titled property and valuable assets that belong to a person who has died. Probate is the legal process used to determine value of assets, validate decedents' last will and testament, pay outstanding debts, and distribute inheritance gifts to designated heirs.
Multiple factors are involved when settling a probate estate. An estate administrator is named within the Will and is responsible for a variety of duties. When decedents die intestate (without executing a Will) a probate judge appoints someone to the position. In most cases probate administrators are the surviving spouse, adult children, or direct lineage relatives.
When decedents' estates are complex or when family discord exists, a probate attorney or professional estate planner can be designated as the probate executor. Neutral third parties can squelch potential problems such as heirs contesting the will or arguing over who should receive family heirlooms.
Estate administration duties include obtaining appraisals for real estate and collectibles such as art, antiques and jewelry. Date-of-death values must be obtained for financial holdings including individual retirement and investment accounts. Outstanding credit card bills, home loans, student loans and unsecured debts must be paid.
Administrators are responsible for contacting government agencies when decedents receive monetary benefits. These can include Social Security, Medicare, Medicaid, or Veteran's Administration.
Probate estate administration also involves overseeing maintenance of real estate holdings. This can include paying mortgage payments, property taxes, homeowner's insurance premiums, homeowner's association dues, and overall care of the property.
If the estate does not possess the financial means to pay real estate related expenses, the court can order the Administrator to list the property for sale through a realtor.
Inheritance assets cannot be distributed to heirs until the estate is settled. The duration of probate depends on court caseload, complexity and value of the estate. On average, probate extends between six and nine months. If the estate is complicated or when heirs contest the Will, probate can drag on for years.
Probate laws vary by state. Most states require Administrators to file a petition outlining estate settlement. Others extend court confirmation which allows Administrators to manage the estate without court interference.
Estate administrators are compensated for duties associated with managing a probate estate. Fees are established according to state laws and often outlined within the decedent's Will.
Administrators should be capable of handling finances, negotiate with creditors, file paperwork through the court and mediate with family members if disputes arise. If a designated estate executor is unable or unwilling to administer the estate they must provide a written request to be removed from their duties to the court.
When establishing a last will and testament, experts recommend appointing two Administrators. If the first named executor is unable to fulfill duties, the second named executor can assume duties and move forward with settling the estate.
Simon Volkov is a private real estate investor who specializes in probate estate liquidation. If you are an estate executor who needs to sell real estate, financial holdings, or valuable assets in order to settle an estate, visit www.SimonVolkov.com to determine available options. Simon Volkov is particularly interested in probate real estate located in Orange County and southern California, Nevada, Arizona and Washington.
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