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Klenk Law

Closing an Estate

Though you hear the term consistently, there is no such thing as Closing an Estate. Probate instructions never tell you how to “Close the Estate,” because it never actually happens. The term refers to the distribution of the estate’s final assets, which typically means that the Executor has run out of things to do.

Why Do Estates Never Close?

The executor is always the executor. For example, let’s say 20 years after the deceased’s death, the personal representative discovers a previously unknown bank account. The executor may have distributed all other assets 19 years before, but the executor still has the right to gather this new bank account. The executor still has this power because the estate never closed; it just ran out of things to do. The administrator’s power remains. But, the executor’s liability also remains.

The Executor’s Final Act, “Closing an Estate”

Because the executor is responsible forever, the administrator should receive a release of liability before distributing any funds. Without a release, a beneficiary could years later bring a Surcharge Action. The personal representative, now without any estate funds to pay his lawyer, must respond. Even if the charges are baseless, the executor is stuck paying the legal bill. Instead, before making any distribution, the administrator should insist on receiving a release. If beneficiaries refuse, the executor is free to file a Formal Accounting. If the judge approves the accounting, the executor is discharged.

With a release, the administrator can distribute the assets with confidence. With the distribution of all assets, the executor is said to have “closed the estate.” But, the executor still retains the power to gather newly discovered assets and address future complaints. The executor should not take the job lightly.

Reasonable Prices | Years of Experience | We Make Bringing Probate to a Conclusion

If you have any questions about Closing an Estate or The Probate Process, feel free to contact us to schedule a free consultation. For more than two decades Klenk Law has focused only on Estate Law. We’ve seen it all, and this experience allows us to explain complex estate law and Probate techniques clearly and concisely. We make it easy for you to understand The Probate Process so you can make the best decisions for yourself and your family.

What Our clients are saying

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I saw four lawyers and was told by all of them; I should just forget contesting my mother's will. I knew what happened, but it is very hard to prove undue influence. I contacted the Law Offices of Peter L. Klenk & Associates. Attorney Amanda DiChello took my case. They were very honest and upfront about what would be involved trying to prove what I knew was true. Attorney DiChello may be young but she is extremely knowledgeable and skilled. She listened and understood what I conveyed to her. She knew exactly what information to use and crafted an outstanding interrogatory and many powerful depositions. Attorney DiChello understood the various emotional feelings this case created for my family and me; she was always there for us with a kind and encouraging word. We went to trial. The amount of work which she and her Paralegal did for the trial was incredible. They both knew my case inside and out! Attorney DiChello's powerful interrogative and thinking skills produced a positive outcome. Attorney DiChello did what other seasoned lawyers said was impossible!

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Stars

Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!

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Stars

Peter Klenk & Associates is my go-to firm for estate planning and advice in probate and estate administration. Peter and his attorneys are top-notch and exceptionally responsive. Peter has the knack of being able to explain extremely complex tax and estate planning issues in a manner that clients are easily able to understand and comprehend allowing them to confidently make important decisions.

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Stars

I have had Peter Klenk prepare and revise my will. Always professional, knowledgeable and offers great advice. Highly recommend

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Stars

Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.

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