Estate Administration: What Does Administering the Estate Mean?
In this article we learn about Estate Administration: What Does Administering the Estate Mean?,
Did you know that 78% of millennials and 64% of Generation Xers do not have a will? If you are part of this high percentage but want to turn things around and you are wondering more about estate administration you are in the right place.
Keep reading to learn more about what does administering the estate mean and the ins and outs.
What Is Estate Administration?
When someone dies, their estate has to be collected, distributed, and managed. It involves collecting all of the estate assets and paying the debts of the person that passed away. This person is also responsible for distributing the assets that remain in the estate.
Estate administration has been known for being a complex issue to deal with but thankfully there are a few states that have adopted a version of the Uniform Probate Code (UPC). The UPC was designed to simplify the estate administration process.
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Which State Law Do You Have to Follow?
Sometimes an estate has to be administered in more than one state. Usually, the state laws that apply are where the person that passed resided at the time of their death.
If the person owned real estate in another state then as the executor of the state you might have to do an ancillary proceeding in order to will that other property. The ancillary proceeding is where only the assets located in that state are dealt with.
You might have to talk to two different attorneys such as Lees & Lees. One of the attorneys will have to be in the state where the person that passed lived and the other attorney has to be in the state where the other real estate is.
The proceeding itself can be either informal or formal. An informal proceeding means that some basic paperwork is filed in order to have the court appoint someone to manage the estate, distribute assets, and pay any debts. In this scenario, the court will not need a hearing they just review the papers that are filed.
In other cases, a formal proceeding is required. Usually, this is in a case where a will is disputed by a loved one or a partner. A formal proceeding will involve the court more and one or more court hearings will be necessary. This is a longer process than an informal hearing because the court will have to decide why there is a dispute and whether the dispute is warranted or not.
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Feeling Like an Estate Pro?
Now that you are more familiar with what is estate administration and you learned about the details of what an executor does, we hope that you are ready to set up your will and make it a little easier to administer your estate after you pass.
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