An estate administration is the process by which the deceased's estate, that is all his worldly possessions, expenses and obligations, are disposed of for the final time, according to the blueprint your loved one left, his Last Will and Testament, with the assistance of your Attorney.
1
What is the role of the Executor and how do I get started?
You must initiate the estate administration process. Retrieve the Last Will and Testament form its storage place. Your first duty as Executor will be to obtain an Attorney to assist you with the legal requirements of the administration, and file the original Will, along with an Application to Probate the Will, with the appropriate probate court. This will start the process, which involves many legal forms, and perhaps multiple accountings to the Court of how you have carried out your loved one's directions. You are physically handling the winding up of the deceased's last affairs, that is, his debts, the beneficiaries legacies as directed in the Will, filing any taxes if they are owed, and generally seeing to it that the Will's directives are followed to the letter, all according to the law. Your Attorney will assist you with advice and the court proceedings as the process proceeds through the next few months. The probate court must approve your actions at various stages along the way.
2
What are my duties as Executor?
You will be the contact person for all the creditors of the Estate,[the deceased], the beneficiaries, and anyone having official business with the Estate. You will make numerous decisions along the way regarding these interests, with the advice of your Attorney and perhaps the approval of the Court. You will write estate checks to pay the creditors, pay any costs of administering the estate, and finally the distribution of any legacies to the beneficiaries named in the Will, according to the blueprint written in the Will. Ask your attorney as many questions as you feel necessary. Your Attorney only assists and provides advice on the best ways and proper procedures to accomplish what you are required to do under the Will. You are responsible for accomplishing the result. You even have an official judicial office to accomplish all you need to do; you hold the office of Fiduciary of the Estate, which is the Executor. You even get paid a fee for your labor, if you choose.
3
Who pays for all of this?
The answer is the deceased, through his Estate, which you represent as the Fiduciary. During the administration, you will collect all moneys, financial accounts, insurance, stocks, real estate, etc. belonging to the deceased. Some of this you may convert to money, which will be deposited in an Estate Account, which you will open at a local bank. It is from this account that you will pay all the obligations of the Estate to the creditors of the Estate, keeping accurate records of each transaction for review by the court and your attorney. Any debts you feel are not valid or warranted, you may elect to deny, defending the estate from those creditors before the probate court. From what is left after the bills have been paid, you will distribute the inheritances left to the beneficiaries named in the Will. These are the essential services you perform as fiduciary.
It is recommended that you do not attempt to administer a probate estate without the assistance of an attorney.
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