Estate administration is something that you should be informed about when you are putting your estate plan together. There are various business-related tasks that must be completed after you die to make your wishes come to fruition. If you use a last will to facilitate asset distributions after your passing, the estate administrator would be called the executor.
We will use the term executor here for the sake of simplicity, but in some cases, a female estate administrator will be referred to as an executrix.
You have to be aware of the fact that the executor will be conducting business on behalf of the estate. This is not a ceremonial role that you bestow upon someone based purely on love or respect. Your executor should be someone who is fully capable of handling the estate administration tasks.
When a will is used as an asset transfer vehicle, it must be admitted to probate after the passing of the testator. This is the process of estate administration.
However, in the state of California, the full probate process can be circumvented through the execution of an affidavit if the value of the estate does not exceed $150,000.
Plus, when property is being transferred to a surviving spouse, the transfer could be facilitated through the utilization of a Spousal Property Petition.
When an estate is passing through probate, the executor will pay final debts on behalf of the estate, and this would include taxes. Sometimes the executor will bring in a tax accountant, and a probate lawyer may be retained as well, so the executor will have professional support in many cases.
Property must be prepared for distribution to the heirs, so appraisals and liquidation may be necessary, and this is going to take a good bit of business acumen.
Communication skills are also important. In some cases, the administration of an estate can be a delicate matter when there are a number of different interested parties waiting for inheritances. The executor should ideally be communicative, patient, and diplomatic.
Anticipated longevity would be another factor to take into consideration when you are naming an executor in your last will.
If you do not know anyone personally who would make a good executor, there are professional fiduciaries that can be engaged to handle the estate administration tasks after you pass away.
Free Report on Estate Administration
We have provided some basic information about the role of the executor in this blog post. If you would like to obtain some in-depth information about estate administration, we have a valuable resource that you can access quickly and easily through this website.
Our firm has prepared an in-depth report on estate administration, and there is no charge for this special report. To get your copy, visit this page and follow the simple instructions: Estate Administration Report.
To Schedule a Consultation
If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney. www.collinslawgroup.com/seminars/
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