Estate administration refers to the legal process by which a decedent’s assets are passed on to their heirs or beneficiaries. Estate administration is a key part of the estate planning process. As for the process of estate administration, it can go smoothly or be quite complicated, depending on the specific estate involved.
What Happens During the Estate Administration Process?
When an individual passes away, their assets must be divided up among all appropriate parties – most likely members of their family. The estate administration process can vary based on if the decedent had a valid will at the time of his or her death. If there was a valid will, the estate administration process will include the process of probate, during which the court will review the will and distribute the assets to the named beneficiaries. In some cases, the probate process can be relatively simple, while it can also be quite complicated in others. In the case of the decedent not having a valid will at the time of his or her death, the court will ultimately determine to whom the assets should pass following the death of the decedent.
As for the estate administration process as a whole, the following is a general representation of what the scenario could look like.
If there was indeed a valid will at the time of the person’s death, there will highly likely be an executor of the will – a person that was chosen by the decedent to have the responsibility of distributing assets to the appropriate parties. If there was no valid will, as mentioned above, the court will select someone they feel is right for the job.
The estate administrator – either the executor or court-appointed administrator – will be tasked with identifying and gathering all assets in the estate, including any that may have been originally overlooked. Examples of assets can include real estate, jewelry, art, bank accounts and more.
Prior to these assets being distributed, the executor or administrator is responsible for paying off any bills or loans (such as credit card bills, etc.) that the decedent had.
After this is done, the assets can be distributed. Depending on the presence of a valid will, this part of the process can either go relatively smoothly or be quite hectic. This highlights the importance of having a valid will at the time of your death.
How Long Does the Estate Administration Process Take?
Ultimately, the timetable for estate administration will vary based on the specific scenario. For a well-planned and organized estate, the process could be completed in a few months. However, for complicated estates or those that are not well-organized, the process can drag out longer, which can often lead to conflict between the decedent’s loved ones.
For any questions regarding the estate administration process, or any of your other estate planning needs, we are here to help. Contact us today to learn more about how we can work with you.
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