If you’re feeling overwhelmed after the loss of a loved one, we’re here to support you through the probate process.
From gathering assets to settling debts and distributing the estate, our experienced team can assist with every step in administering an estate.
You can entrust us with managing the estate entirely or seek our guidance as needed.
Estate administration refers to the process of dealing with all of a deceased individual’s assets, debts, and taxes before distributing the inheritance to the beneficiaries. This must be done following the wishes in the Will (if applicable). However, even estates where the deceased passed away without a Will need to be administered.
The estate consists of all assets (possessions, property, money, savings, investments, pensions, and anything else owned) minus debts and taxes. Once this has been finalised, estate accounts can be produced, and the final value can be distributed to the beneficiaries; this is the final step of the estate administration process.
When an individual passes away, their assets must be distributed to their named heirs or beneficiaries. The beneficiaries may be designated as a co-owner or a beneficiary, or the assets will pass to the estate to be distributed by an estate representative.
The legal process of settling the decedent’s affairs is known as “estate administration.” If there is a Will, the administration includes a process which is known as “probate.” If the decedent dies without a valid Will, the estate will be settled pursuant to the intestacy laws. In both situations, the administration involves settling debts, expenses and taxes and thereafter distributing assets to the beneficiaries. Whether there’s a Will or not, the administration process is followed to safeguard the integrity of the estate while protecting the legal rights of everyone involved.
Here’s what you can expect.
If the deceased left a Will, it typically nominates an executor, a person chosen to carry out the terms of the Will. If the proposed individuals accepts the nomination, and qualifies, he or she will be formally appointed by the Surrogate’s Court. If there isn’t a Will, the Surrogate’s Court will appoint an administrator, often the surviving spouse, child, or parent. The administrator may be required to post a bond prior to being appointed in order to protect the potential heirs and creditors of the estate.
The estate administrator has a fiduciary duty to manage the estate in the best interests of the beneficiaries.
Next, the estate administrator will create a comprehensive list of all tangible and intangible assets, including real estate, bank accounts, vehicles, jewelry, and art.
This also means investigating if there are potentially hidden or overlooked assets.
If any assets are found, they have to be added to the estate. Not addressing them could create legal issues or delays down the road.
Before assets can be distributed, the estate’s debts and taxes must also be settled. This means paying any outstanding loans, credit cards, or tax bills the deceased owes.
Depending on the specific situation, this may require the selling of assets to cover outstanding debts.
If there is a Will, Executors use it to guide the distribution of the estate. A Will that outlines asset distribution is essential for this process to go smoothly.
If there isn’t a Will, the Administrator will distribute assets according to the intestacy laws of the state where the decedent resided at death.
The goal is for the family to find closure rather than chaos in this process.
Estate administration timelines can vary significantly. On the one hand, if the decedent has a detailed estate plan in place, there aren’t many debts to resolve, and the estate is non-taxable, the administration process might wrap up in a few months.
On the other hand, the administration of a complex estate may take more time.
“Let us handle the complexities of estate administration while you focus on what matters most. Contact us for a consultation to start navigating this challenging time with expert guidance.”
“Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.”
