Estate Settlement | Chatuge Elder Law

What is Estate Settlement?

We offer estate settlement as a service at Chatuge Elder Law. Here are some facts and fallacies about estate settlement:

Fact: An Executor can be found liable for mistakes.

As the executor of an estate, you are responsible for ensuring the protection and proper management of the deceased's assets.
- Failure to do so could result in you being held financially liable by creditors and/or beneficiaries.

Fact: Probate can be avoided.

With proper planning and coordination, a deceased individual's estate can pass completely to their beneficiaries without worrying about probate if:
- The deceased had no debts.
- All assets are non-probate (i.e., benefirciary designations and/or trust assets).

Fallacy: A creditor of an estate can file claim at any time.

Creditors of an estate have within three months of receiving notice of an individual's death to file a claim against the estate.
However, if the debt was incurred within six of the deceased's passing, then creditors may file claim against the estate up to six years later (GA only).

Fact: Probate is state-specific.

If an individual owns "probate assets" in multiple states, then probate proceedings in each of these states will have to take place in order to settle the estate.
- Probate assets refer to assets solely titled in the name of the deceased at the time of passing with no distinct beneficiary designations.
Furthermore, if the state has not enacted uniform probate code legislation, then the rules regarding probate proceedings might differ state by state.