The administration of an estate is an important issue that everyone should learn about, especially if you are aged 50 and older. Even though you won’t be around for the administration of your own estate, it’s quite possible that you could have to deal with the estate of a parent, grandparent, spouse, adult child or anyone else close to you in life.
To administer an estate, there are a handful of things that need to be completed. The items that must be taken care of include the distribution of assets, payment of debts and gathering the estate’s assets. The items that make up a person’s estate are anything he or she owned or accumulated during his or her lifetime.
When you create your estate, you will need to name an executor of the estate. This person, or in some cases a company or bank, will be in charge of administering your estate. For many people, the executor of their will is their spouse or other close family member.
When a person dies, the estate will first pay any debts that the decedent had to his or her name. Once these debts are paid, the remaining assets will be divided based on the instructions in the will.
The administrator of the estate is responsible for contacting the beneficiaries named in the will, figuring out if probate is needed, managing the financial aspects of the estate (canceling credit cards and making mortgage payments) and filing the will with the proper court of probate.
Are you confused about the estate administration process and how things work in Charleroi? An experienced family law attorney can help you learn about your rights and how your estate will be administered upon your death.