On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | Mar 5, 2019 | Estate Planning
If you have recently lost a close friend or loved one, you may have been named the administrator of the estate. Although you may be going through an array of different emotions at losing a loved one, estate administrators are responsible for tying up the estate’s loose ends and ensuring the property included in the last will and testament is property distributed to the heirs to which they were intended. There are many responsibilities associated with becoming an estate administrator. It is critical that you are aware of these tasks so that you can perform your duties to the best of your ability.
As the estate administrator, you may have to take the estate through the probate process. First, you will obtain all necessary documents, including the last will and testament and death certificate. You must then contact certain entities, such as life insurance companies and creditors, to inform them of the death. In addition, you must gather up the property and assets associated with the estate and determine the value. Once the value of the property is measured, you must pay any debts owed out of the value of the estate. For example, property taxes, federal taxes and loans may be resolved by paying out from the estate. Once the property is clear, you can locate the beneficiaries and distribute the property to them as directed in the will. During this process, it is important that you protect all property from theft and vandalism.
This information is intended to educate and should not be taken as legal advice.
