When a person passes away, their estate has to be taken care of. This is known as the administration process and involves the distribution of assets. The decedent’s wishes and applicable laws must remain the focus.
The creator of the estate plan determines who will be their administrator. This individual must be responsible, financially savvy and able to uphold the decedent’s wishes. They also have to ensure every aspect of the estate is handled according to applicable laws.
Duties of the administrator
Estate administration starts with identifying the estate’s assets. These can include properties, investments, financial accounts and personal belongings. The administrator must also notify creditors of the death, settle outstanding bills and ensure all tax obligations are taken care of. The administrator must file the final tax returns.
Part of estate administration is taking care of the probate process. This involves filing documents, providing notices to the beneficiaries and seeking court approval for certain steps in the process. Everything must be handled precisely so the estate can be closed out when it’s time.
Once all debts are paid and legal requirements met, the administrator can distribute what’s left to the heirs or beneficiaries. Throughout the process, they must act in the best interests of the estate or trust, keeping records and communicating with those involved.
Estate administration must be handled properly or it can cost the beneficiaries money and can take longer than necessary. Working with someone familiar with these matters can help the administrator to better ensure they’re doing everything correctly.