Estate Administration

Estate administration takes place after an individual passes away. Their remaining property and assets will have to be collected, managed, and distributed in order to comply with state law. As this process can be extremely complicated, several states have adopted the Uniform Probate Code.

One important aspect of estate administration is probate. Formal probate takes place if the situation is more complex. It involves more court involvement and is requires more funds and time. Informal probate involves some basic paperwork, but the case may not even be required to go to a hearing.

One of the first steps in estate administration is inventorying the estate. Whoever has been appointed as the personal representative, also known as executor, will be in charge of gathering and appraising assets that belonged to the deceased. They will also be required to contact the individual's creditors and financial connections to let them know that they have died. If the estate does not have the money required for paying the debt, the court may have to decide which creditors should be paid first.

After the debts and taxes have been paid, the executor will start distributing the remaining assets. The money and property will be divided according to the will, however, if the individual died intestate (without a valid will), the state will determine how the estate will be divided.