What is Estate Administration?
If you have been named as an Executor in someone’s Will, it means the deceased person wanted you to administer his or her Estate.
In general terms, your duty is to ascertain what the assets and liabilities of the Estate are, to take charge of those assets, to see that debts, including taxes, are paid, and finally, to distribute the net assets to the beneficiaries in the Will.
As an Executor of a Will, where do I begin to administor the Estate?
You should start by finding out and making a list of everything the deceased owned or was entitled to. You may have to have assets valued. Next you should find out what debts the deceased person had.
Depending on the nature and value of each asset in the estate you will administer the Estate formally or informally. If land was owned by the deceased person, the Estate will have to administered formally. Banks and Credit Unions etc. have varying rules which allow access to the deceased’s funds without a formal administration of the Estate.
The Executors typically engage a lawyer to guide them through the process of the administration of the Estate.
How can a lawyer help an Executor administor an Estate?
Boylan Lawyers can assist theExecutor in the administration of the Estate of the deceased person by:
- ascertaining what the assets and liabilities of the Estate are;
- taking charge of those assets in the name of the Executor;
- applying for Probate;
- if necessary, on behalf of the Executor, selling property of the Estate;
- transferring property to beneficiaries;
- paying the debts, including taxes;
- preparing a distribution report and statement for the beneficiaries; and
- distributing the net assets to the beneficiaries named in the Will.
We will keep you informed throughout the process including:
- informing you about the rights and responsibilities of an Executor;
- preparing the forms needed to apply for Probate;
- advising you about the legal order in which debts must be paid and the remaining assets distributed;
- explaining the legal order of distribution of the Estate in a case where there is no Will;
- draw up the report and statement on the assets for the beneficiaries.