What Are the Steps Involved in Administering an Estate? | Monroe Township - Middlesex County
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What Are the Steps Involved in Administering an Estate?

March 12, 2015

Filed under: Estate Planning — Neel Shah @ 4:22 pm

It’s important to recognize that after a loved one passes away, no more estate planning can be done, even if you believe that the current plan is flawed. If you’re a party to administering the estate, you have to get to work pretty quickly to accomplish the tasks likely in front of you. shutterstock_165580142Depending on your location, you may need to follow a series of steps to actually administer the estate:

  • Filing the appropriate paperwork regarding probate
  • Initiate the probate process, which is ruled by state laws and court supervision
  • Get approval for estate expenses, if necessary
  • Publish a death or custodianship notice in the newspaper
  • Inventory the assets inside the estate, including their value
  • Notify any businesses or creditors
  • Collect any accounts receivable related to business agreements or personal loans
  • Claim proceeds for life insurance or annuities that were not payable by contract to specified beneficiaries
  • Putting together, paying, and representing the estate in front of tax authorities
  • Transfer property to the distributors

As you can see, there are many different tasks that might be required in estate administration, which is why more and more people are using trusts and other non-probate tools to plan for the future without making heirs worry about the process of probate. To get help putting your estate in order, contact us today at info@lawesq.net.

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