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What is Estate Administration?
Will readings are a common event in pop culture. Most of us have seen movies and television shows where a dramatic reveal about who a deceased character has named executor of their estate occurs. Many of us have even had this experience in real life. While will readings are common, most of us will never be named executors in a will. Because of this, most of us will never consider what it means to be the executor of a will.
Being named the executor of a deceased person’s will and being placed in charge of handling their affairs is called estate administration. Estate administration entails distributing assets according to instructions left behind by the deceased, paying outstanding debts and taxes, notifying appropriate parties, and more.
While estate administration may be a rewarding experience and a way to honor a deceased loved one, it can also be challenging and potentially difficult. This includes dealing with complex and possibly intimidating legal issues and responsibilities. That’s why if you or a loved one have been placed in charge of estate administration, it’s essential to contact an experienced and compassionate estate administration attorney from our team.
What is Involved in Estate Administration?
Estate administration covers a wide array of duties and responsibilities. These responsibilities may include but are not necessarily limited to:
- Notifying Appropriate People of the Deceased’s Passing
- Filing Taxes for the Deceased
- Paying Outstanding Bills, Debts, and Taxes
- Distributing Assets
- Valuing and Liquidating Assets
Most people know that administering a deceased person’s estate involves distributing certain assets to their loved ones, such as money, heirlooms, or other prized possessions. However, the estate administration process is far more complex and involves a great deal of paperwork, including legal and financial documentation.
The deceased’s creditors must be notified so they may attempt to collect any outstanding debts from the estate. Should a creditor come forward, you may be responsible for vetting and settling their debt.
Estate administration also involves settling any outstanding taxes. This may include filing any overdue taxes for the deceased.
These are only a few of the responsibilities involved in estate administration. More complex estates, such as those of business owners or wealthy individuals with several thousand or millions of dollars in assets, may be more challenging to administer. This is why an experienced estate attorney is vital for anyone tasked with estate administration.
What are Some Potential Challenges in Estate Administration?
Because of the legal complexity involved, many people without a legal background may find being an estate administrator an intimidating experience. This is because of the many potential challenges involved.
For instance, funding is a significant source of difficulty for many estate administrators. Often, people who leave behind debts do not have the financial resources to settle all of them. This may mean liquidating assets to pay creditors. Most people do not have much experience in determining which assets can or should be liquidated, how to value those assets, how to sell them, and how to pay debts sufficiently.
Another potential challenge is beneficiary disputes. It is not uncommon for the deceased’s loved ones to argue with the contents of or even legally challenge a will. They may be displeased with any inheritance or bequest they may have received, or they may even be angry that another individual received money or assets they wanted for themselves.
Locating beneficiaries may prove challenging as well. Depending on the age of the will and the relationship of the deceased to their loved ones, it may be necessary to hire a private investigator or researcher to locate certain people. In some instances, the individuals named as beneficiaries may be deceased, too. In this instance, it may be necessary to determine which family members or heirs are next in line to receive assets.
Do I Have to be an Estate Administrator?
While most people who are appointed to administer an estate feel an obligation to the deceased, it is not a legally binding assignation. Just because someone names you an executor in their will does not mean you have to accept the responsibility.
There are many valid reasons for not wanting to be an estate administrator, including grief, emotional stress, time constraints, or doubt in your own abilities to carry out the duties of an administrator. If you find yourself tasked with administering an estate and are uncertain if you want to accept the responsibility, one of our experienced estate attorneys can review your situation and help you come to a decision.
Should I Be an Estate Administrator?
While some people may find the task of administering an estate overwhelming, it can be a rewarding experience. Being an estate administrator allows you to ensure the deceased’s final wishes are carried out as intended. Judges and probate courts do not have the sentimental attachment to the deceased that you may. They may not be as concerned with the emotional implications of certain decisions and may be more willing to liquidate certain assets or even an entire estate to settle debts and “wrap up” the process as quickly and efficiently as possible. In some instances, this “hands-off” approach may be best.
Many people would prefer to keep estate administration in their own hands, though. An experienced estate attorney can review your options with you and help determine what route is best for your financial, emotional, and mental well-being.
What Should I Do if I’ve Been Assigned to Administer an Estate?
Administering an estate can be a rewarding experience and a way to honor a loved one through one last act of service. For other people, estate administration is an immense responsibility. Whatever your feelings or situation, the attorneys of Davidov Law Group are here to help. Our empathetic and experienced legal team is here to be with you through every step of the process, from will readings through asset valuation and debt resolution. We can review the estate of the deceased and help determine the best route forward.
Loss is difficult. Being assigned a major responsibility, such as estate administration after a significant loss, can be formidable. With the attorneys of Davidov Law Group on your side, it doesn’t have to be. If you or a loved one have been tasked with administering an estate, don’t hesitate to call us today at 516-253-1366 to schedule your complimentary consultation.
