Probate and Estate Administration

By: Gummer Elder Law  07/15/2015
Keywords: Elder Law, Estate Lawyer, Estate Administration

Estate Administration is the process of managing the estate of a person after he or she dies. It involves collecting all the decedent’s assets, paying all of his or her debts, including taxes, and distributing the decedent’s assets to the heirs and beneficiaries of the estate. The administration of the estate can be completed either formally or informally. Under the formal method, the Personal Representative prepares and files with the court an accounting of his or her administration. Notice is given to all interested parties and they have the opportunity to appear before the court and object to the accounting. After the court issues its decree, the Personal Representative distributes the assets to the beneficiaries. Under the informal method, the Personal Representative prepares a Family Settlement Agreement and informal accounting. Once all the beneficiaries and any other necessary parties have signed the agreement, the Personal Representative can distribute the assets and avoid the additional costs and delay of a formal accounting.

Keywords: Attorneys Wills Trusts & Estate Planning Law, Elder Law, Estate Administration, Estate Attorney, Estate Lawyer, Estate Planning Attorney, Estate Planning Lawyer, Probate Attorney, Probate Law, Probate Lawyer

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