Challenges of Estate Administration After Losing a Loved One

Losing a loved one is one of life’s most challenging experiences, and the challenges of estate administration can be overwhelming. In the days and months that follow, emotions run high, and the process of finalizing their affairs can feel confusing, overwhelming, and daunting. At Roth Elder Law, we understand that when someone passes away, you should be able to focus on healing and cherishing their memory, not getting bogged down by the legal and financial responsibilities left behind.

The Role of a Fiduciary

If you’ve been named as a fiduciary, whether as an executor, trustee, or administrator, you are entrusted with the significant responsibility of settling their estate or trust. While it is an honor to be entrusted with this role, it can also lead to feelings of stress and uncertainty.

Let us consider the story of a client we will call Sally. After her husband passed away, Sally found herself overwhelmed by the responsibilities of serving as the trustee for their revocable trust. Despite having planned ahead, she felt unprepared for the complexities of estate and trust administration, especially since her husband had always managed their finances. When Sally came to Roth Elder Law, she sought guidance and support, wanting to be involved in the decision-making process while feeling respected and empowered.

By the end of our work together, not only had we helped her settle her husband’s affairs, but Sally expressed that she felt stronger and more independent because of our collaboration.

Understanding Your Responsibilities as a Fiduciary

As a fiduciary, it is crucial to understand the legal and financial responsibilities that come with your role. Many people are unaware that they are not required to hire the attorney who drafted the will or trust. In some cases, it might be more beneficial to seek an attorney who specializes in estate and trust administration. This is important because if the estate or trust is not managed correctly, you could be held personally liable.

 

Key Responsibilities Include:

• Priority of Expenses: If there are insufficient assets to cover all valid expenses, they must be paid in a specific order. Paying them out of order may require you to cover any shortfall personally.
• Early Distributions: Distributing assets to beneficiaries too early, before all expenses are settled, could also leave you personally responsible for those costs.
• Protecting Assets: If the estate or trust assets lose value due to improper management or securing, you may face liability for that loss.

These examples illustrate the complexity and high stakes involved in the process. Having the right attorney to guide you is critical not only to protect the estate but also to protect yourself from potential legal repercussions.

Our Commitment at Roth Elder Law

At Roth Elder Law, we are dedicated to protecting what you love by providing compassionate guidance during one of life’s most difficult times. With over 25 years of experience helping residents of New York navigate the stress and confusion of estate and trust administration, we take the time to explain every step of the process. Our goal is to ensure you understand your responsibilities, giving you the confidence to carry out your loved one’s wishes.

Our approach goes beyond merely completing tasks; it is about supporting you and your family so you can focus on grieving and healing. If you’ve been appointed as an executor, trustee, or administrator and need assistance settling a loved one’s estate, contact us today. We will take the burden and guesswork out of what needs to be done when a loved one passes away, allowing you to focus on what truly matters: honoring their memory and moving forward with your life.