The Duties of an Estate Administrator
There is a lot that goes into the selection of an estate administrator. They will be the ones to settle your estate when you are no longer in the picture. You, therefore, need to be sure this is a person you can trust to take care of the interests of your loved ones.
There are so many examples where a family member is appointed the administrator. But in case the family has fights and feuds going on, that shall be a poor decision. Families turn on one another where money and inheritance is concerned.
there are many roles an estate administrator is in charge of. They should consider working with an estate planner or probate attorney in this regard. The probate process is legally recognized, and goes on for about half a year. This period leaves the estate assets untouched. There will be no selling, trading, or distribution of any part of it to the heirs or beneficiaries unless the courts say so. This process of probate normally begins when the last Will and death certificate shall pass through the courts. The administrator should then secure all assets that belong to the decedent. This shall be followed by an appraisal of the valuables in the estate to determine what their current market value is.
The administrator will then reach out to any creditors to notify them of the new developments, and to take care of any outstanding debts. In case the money left is not enough for that, the courts can allow some assets to be sold to clear the debts. A probate attorney shall come in handy when you need the debts to be negotiated. Creditors can then accept partial payments and forego the balances. When it comes to the financial portfolios of the decedent, the estate administrators shall have to contact the financial institutions to verify if they owe any unpaid taxes. If they find there are some outstanding, they will clear them from the estate. This shall have the financial institutions send over the necessary clearance forms.
If any property in the estate is being financed via a mortgage, the administrator shall arrange for the regular payments to continue. If no payments are made, a foreclosure shall take place. If for some reason the estate cannot meet the regular payments, the administrator shall have to put the property up for sale.
Administrators are usually remunerated for offering these services. There are state probate laws that look into the amount to be paid. It may be a flat fee or a percentage of the estate value.
It is best to have a professional firm handle such duties on your behalf. By arranging to have an experienced, capable and reliable law firm in charge of the administrative duties, you can be sure nothing bad shall befall your loved ones.