Many people in the Fort Lauderdale area have taken the time to create their estate plan. Having an estate plan is important to make sure a person’s assets are distributed according to their wishes upon their death and to leave a legacy for the next generation. Part of an estate plan is designating an estate administrator. But what are the duties of the estate administrator?
The estate administrator has a very important job. Upon the death of the estate holder, the estate administrator’s role begins. Their job includes some or all of the following tasks:
- Gathering the deceased’s assets
- Collecting information about the deceased’s assets and debts and making an inventory of these items
- Directly notifying any creditors of the death
- Collecting any money owed to the deceased
- Applying for life insurance payouts
- Helping beneficiaries obtain information as to how to collect the money payable to them as designated beneficiaries on financial accounts
- Filing final state and federal tax returns
- Paying debts owed
- Filing any gift tax returns
- Distributing deceased person’s assets as directed by their estate planning documents
A legal professional who is skilled in estate administration can help their client with issues that arise during the probate process. An estate can complex and having legal help to deal with the many complex items can be important. An attorney can provide their client with guidance as to how to proceed and understand their rights and options. They can also help to resolve disputes and even remove an estate administrator if necessary.