What Does It Mean To Administer An Estate?

 

Video Summary

 

What does it mean to administer an estate?

 

To administer an estate relates to a probate proceeding.  In order to administer someone's estate, you need to petition the probate court to have their will admitted to probate, or if they die without a will, you petition to have a personal representative appointed.  Then once the personal representative is appointed to administer the estate, they then need to file an inventory showing the assets.  They need to give a notice to all the beneficiaries and heirs, so that anyone can challenge the will or have notice.

 

The personal representative, which used to be called an executor, also sends out a notice to all reasonably ascertainable creditors so that they can file their claims in the estate.  The asset, the personal representative is not personally liable for any of the debts, and they are to pay the claims of the creditors out of the assets of the estate.  And so once they pay the creditors or claims, and the claim period expires, which is three months, then they are to make distribution out to all of the beneficiaries of the estate and provide an accounting.  And if the beneficiaries are in agreement with the expenses and what the personal representative's done, they can consent or after given notice, the court would then discharge the personal representative from their duties as the executor or personal representative, and they no longer have any liability.  So that's what's involved, as far as administering an estate, in three minutes or less.

 

So if you have an estate that you would like to have administered, give me a call at 727-847-2288.  Thank you.