As you begin the process of implementing your loved one’s estate plan, you will soon discover that many laws, forms, and guidelines reference “interested parties.” Unfortunately, if you have never administered an estate or trust in the past, this term is rather vague. It is important to understand who the interested parties are because they are entitled to certain rights and protections under the law.
Examples of Potential Interested Parties to an Estate or Trust
To help you better understand who the interested parties to an estate or trust might be, the following are some common examples:
- Creditors of the estate
- Creditors of the decedent
- Creditors of the trust
- Devisees and legatees under the will
- The decedent’s spouse
- The decedent’s children
- Charities named in the will or trust to receive property
- Entities named in the will or trust to receive property
- A trust, if the will directs that property be given to the trust
Implementing your loved one’s estate plan can be overwhelming for those unfamiliar with the process. Fortunately, you do not have to do it alone. We are happy to assist you each step of the way. View our client testimonials page today to learn more about how we have helped many others administer trusts and estates in the past.