What Is Administering the Estate in Estate Trustee ?

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. In case there is no will, upon the death of decreased person then decreased asset will be administrated by estate trustee.

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I.Definition
Estate trustee is someone who appointed by the court to administrate the decreased assets after an application is made by one of the next of kins to the court in case of no will.

II. How it works
1) In case of no will, upon the death of decrease, one of the next of kin who is over 18 year of age and nominated by majority of other next of kins to the court for appointment of the applicant as a estate trustee.
2) It is time consuming, since the court need 2 to 3 weeks for this appointment.
3) The applicant is approved by the court to administrate the asset of the decreased person is known as estate trustee without a will.
4) The applicant who will become estate trustee with out a will may need to be bonded by 2 persons. Normally, it may require to be handled by professional lawyer office.
5) The administration and distribution of decreased assets will have to follow the State or Provincial laws.
6) All assets in joint tenancy with the right of survivor will automatic go to the surviving person.
7) The administration of estate trustee with out a will may be costly because of inexperience and sometimes may request the help of professional lawyer.
In case of no agreement between next of kins of the decreased person to nominate one of the next of kin to become estate trustee, it may increase complexity of decreased assets administration. The court in such case may appoint a public trustee to handle the asset distribution according to the State or Provincial law.

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