The estate administration process involves an array of legal and financial responsibilities. It is often overwhelming for first-timers who are suddenly in charge of someone else’s property.
If you were named as executor in a will or appointed by the court, you must understand your duties and requirements to make the process successful. Here are some estate administration steps to consider following.
Understand your role
If the decedent left a will, the named executor must file it with the probate court. If there’s no will, the court appoints an administrator. Both roles involve similar tasks: securing assets, paying debts and distributing property according to the will or state intestacy laws.
Determine if probate is required
For estates valued at less than $100,000 with no real estate, administration is usually easier. In these cases, you may be able to use a simplified probate process instead of formal proceedings. Large estates typically require probate, which involves filing a petition in the decedent’s resident county.
Notify heirs and creditors
As executor, you are required to notify all known heirs or beneficiaries and publish a notice to creditors in a local newspaper. This step allows creditors to file claims within six months. Failing to notify parties properly can delay the process or lead to legal challenges.
Inventory and safeguard assets
Create a detailed inventory of estate assets, including bank accounts, real estate, vehicles and personal property. Secure valuables and maintain records of all transactions and communications. This organized approach prepares you to deal with any hurdles that may arise during administration.
With patience, organization and legal support, first-time administrators can fulfill their duties while honoring the decedent’s legacy and final wishes.