Estate Administration
The legacy you leave is important. Plan on peace of mind with Osler.
Administering a loved one’s estate is a tremendous honor and a momentous, emotional responsibility. A lot of people are depending on you during this time of upheaval, loss, and grief. Let us shoulder the burden.
Osler is here to assist you with all aspects of this process so that you can be peacefully present, embracing those left behind, gently ushering them into this new chapter.
- Estate Administration:
Estate administration is a crucial part of the estate planning process. It is an essential undertaking that guarantees your wishes are respected and executed. It ensures your estate plan unfolds exactly as you intended, and it provides clarity and peace of mind for your loved ones while they walk through their grief and loss.
At Osler, we understand the immense complexity and sentiment of this vast undertaking. We are here to help you every step of the way. Let us shoulder the burden so you can put your focus where it is most needed: supporting your people through the grief of their loss and directing them toward healing.
- What is Estate Administration?
Estate administration is the management and distribution of wealth (financial, real estate, etc.) that belongs to a deceased or incapacitated person. Estate administration and estate planning are both are integral to managing one’s legacy.
Consider estate planning as drafting a blueprint for a house, and estate administration as the construction. Two necessary phases in making your vision come full circle. In law, the instructions set forth in your estate plan are put into action in the estate administration phase. To do this, you will nominate a fiduciary. A fiduciary is someone you trust to manage your money and/or property on your behalf. This person can be your lawyer, trustee, beneficiary, a corporate board, or even employees. During the estate administration process, your fiduciary ensures that your assets are distributed according to your wishes.
Estate administration addresses debts and taxes that you may owe. In estate planning, you may have implemented certain strategies designed to minimize the tax burden. These tax-saving measures are executed during the estate administration phase. Any outstanding debts that you may have upon your death are also paid off during the estate administration process. This preparedness ensures a clean and clear transition for your beneficiaries.
During estate planning, you decide who gets what. In estate administration, the plan is activated: disclosed and distributed. It is paramount for the administration process to be conducted accurately, ensuring that all parties adhere to your intentions, and any disputes, should they arise, be resolved swiftly and fairly.
The involvement of minor children or dependents is paramount to all else. Estate administration is vital to securing their protection and providing for their well-being and future. In your estate plan, you might have set up trusts or designated guardians for your children. During the estate administration phase, guardians are formally appointed. The assets of your estate are set aside to provide for the support needs and ongoing maintenance of your children until they reach adulthood.
- The Advantages of Efficient Estate Administration
- The realization and execution of your estate plan.
- Enforces order.
- Ensures fairness.
- Provides a plan and care for minors and dependents.
- Secures your legacy.
- Guarantees your final wishes are fulfilled as you intended.
Estate planning is your opportunity to narrate your own story, tell the world how you want to be remembered. Estate administration is the step-by-step role out that makes it all a reality. It is the settling of your affairs, per your pre-planning. Estate administration, when well-executed, is the happy conclusion of a life well lived, benefitting those blessed by your legacy in future generations.
Plan on peace of mind. Schedule a consultation with Osler today.
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