When it is time to settle the estate of a loved one, a Florida family will have to complete certain tasks and navigate the process of settling remaining affairs. This is the estate administration process, and it requires the resolution of certain matters before it will be possible to distribute assets and close the estate. It may be useful to learn what one should expect from this process and how to avoid problems.
What is estate administration?
Estate administration is the process of accounting for estate assets, paying off remaining debts associated with the estate, distributing assets according to the will and more. The individual tasked with overseeing this process is the executor of the estate, a person who is either appointed by the court or specifically named in the decedent’s will. The complexity of the estate administration process will depend on the details of the will, size of the estate and more.
The executor of the estate will have to gather and file appropriate documentation in order to open the estate. After this, he or she will locate, value and manage estate assets, notify heirs, close accounts, pay remaining taxes and take other steps on behalf of the deceased. It can take months or even years to complete this process.
Experienced guidance is crucial
The experienced guidance of a knowledgeable attorney is critical for any Florida adult navigating the estate administration process. A legal ally can provide insight regarding how to most effectively navigate this process and minimize complications along the way. An assessment of the individual situation may be a beneficial first step.