It’s important to hire a qualified estate administration attorney, because it is a complicated process which can be overwhelming in normal circumstances, let alone while grieving. Most people don’t have a basic understanding of what estate administration involves, which is why it’s important to hire a qualified estate administration attorney.
Anything a person once owned makes up their estate, and without a will, managing it is very complex. Selecting a personal representative is an important part because this person must be responsible. They will need to manage the entire estate, take steps to ensure that nothing is taken, and be responsible for maintaining the property to keep its value.
This personal representative is also responsible for:
- Both locating and collecting all property
- Paying all debts and taxes
- Paying funeral expenses
- Paying all beneficiaries
- Real Estate Mortgages and liens
- Medical debts
- Other debts
They are also responsible for:
- Finding and notifying all creditors and debtors and notifying of the death
- Locating all assets
- Closing or setting up new bank accounts
- Accounting for any and all life insurance policies
If there aren’t enough assets to pay all debts, the courts may need to be involved to determine who gets paid first. If there are assets remaining after all debts are paid, the will will determine how the assets are distributed. If there is no will, the state could rule on distribution.
If you are the administrator, you yourself could consider a knowledgeable estate planning attorney to help with any questions you might have regarding your duties.
Our trusted estate administration attorneys are proudly offering services in the Sarasota and Venice areas of Florida. If you are in need of creating estate plans, or have questions about an estate you are a trustee of, don’t hesitate to contact us to discuss your options. We’re here for you.