When it comes time to organize your estate and get your affairs in order, there are several items that you may want to consider. One critical element of the estate planning process involves appointing an estate administrator. This person will oversee the affairs of your estate after you pass. Not only is it important that you choose a person that is honest and trustworthy, but you want to select someone who has the time to handle your estate in a thorough manner. By understanding the estate administrator’s role, you can be sure to choose the right person for the job.
Also referred to as the executor of the estate, the estate administrator is responsible for handling your property and assets through the probate process. If your assets were put directly into a trust, they will transfer to the designated parties without having to go through the probate process. In many cases, however, the estate must go through the process that involves the following:
Gathers the property and assets belonging to the estate
Calculates the value of the estate
Pays off any expenses still owed
Locates the beneficiaries named in the last will and testament
Ensures the property gets to the proper beneficiaries named in the will
The administrator must also protect the estate from theft and vandalism during probate. As a result, the administrator should be organized, detail-oriented, efficient and be able to meet the deadlines required.
This information is intended to educate and should not be taken as legal advice.