Prepare for the financial costs of estate administration

On Behalf of | Jan 2, 2015 | Estate Valuation |

When Minnesota residents find themselves managing the estates of their deceased relatives and relations they can run into many obstacles. One issue that estate administrators often encounter is how to value the assets and liabilities that the estates possess. An improperly valued estate can result in financial costs to the estate and ultimately to the beneficiaries who should receive disbursements.

Estate valuation can be a complicated process of gathering the proper documentation on which to base asset and liability values. When mistakes are made in these computations, the estate and its administrator can be exposed to claims of mismanagement. Beneficiaries, creditors and other parties who may have interests in the disposition of the estate may look toward litigation as a means of resolving disputes about estate values.

One of the best ways to avoid these legal headaches is to make sure that an estate’s initial valuation is proper and accurate. Legal professionals who work in the probate and estate administration fields can help their clients make proper valuation determinations at the outset of managing the estates. Not only can they help their clients from the very beginning of the valuation process, but they can also offer invaluable guidance if interested parties later question how the estates were managed and bring litigation against the administrators.

Attorney Rodney J. Mason serves St. Paul and the surrounding community by providing legal services in the probate and estate administration fields. From trust matters to contested wills, his firm can work with you to accomplish your estate planning goals and to manage any lawsuits that arise from your estate plans. To learn more about his practice, please visit the firm’s website on the financial costs of estate administration.