PROBATE - Estate Managment

Estate administration is the process of managing and distributing a deceased person's assets according to their will or, if no will exists, state intestacy laws. It typically involves several key steps:

• Probate Initiation: If a will is present, it must be validated through probate court. If there's no will, the court appoints an administrator to oversee the estate.

• Asset Inventory: Identifying and valuing all assets, including real estate, bank accounts, investments, and personal belongings.

• Debt Settlement: Paying off any outstanding debts, taxes, and expenses associated with the estate.

• Beneficiary Distribution: Transferring remaining assets to heirs or beneficiaries as outlined in the will or state laws.

• Legal Compliance: Ensuring all actions comply with relevant laws and court requirements.

The process can be complex and time-consuming, often requiring professional assistance to navigate legal and financial challenges.