The Estate Plan: Formal Administration

Formal administration is a probate process reserved for more complex estates that cannot be handled through summary administration. Formal administration requires the court to appoint a personal representative to oversee the estate’s affairs. The personal representative plays a critical role in formal administration. They act as the legal representative of the decedent and the estate. They are responsible for navigating various administrative tasks. These include tasks such as notifying and addressing creditors’ claims. They will file the decedent’s final income tax returns and settle outstanding liabilities. The personal representative must identify and value the estate’s assets. These include real estate properties, investments, and personal belongings. The personal representative also manages the potential sale or transfer of real estate owned by the decedent. This may involve listing properties for sale and negotiating with buyers. They will also ensure a smooth transfer of ownership. In contrast, formal administration can be a lengthier and more complex process. The Estate Plan 135 San Lorenzo Ave Suite #750 Coral Gables, FL 33146 (305) 677-8489 https://www.TheEstatePlanFL.com/