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Estate Administration and what it involves

| Jan 6, 2020 | Estate Administration |

Estate administration in Florida is essentially the process of administering and finalizing the estate of a deceased person. It may involve the need to obtain a grant of probate from the court or a grant of letters of administration from the court, depending on whether the person has passed away leaving a valid will or not. Estate administration also involves some steps. 

According to FindLaw, estate administration is the process of identifying assets and liabilities, collecting those assets, settling those liabilities, attending and finalizing the tax affairs of a deceased person and transferring those assets to beneficiaries in a timely manner. If an estate becomes involved in litigation, then the executor or the administrator may need to start litigation, for example, to protect the estate or defend the estate’s position. A state administration can be quite straightforward or it may become more complex, depending on what the terms of the will are or what the assets are. 

If litigation were to arise, some of the types of complications that more commonly arise in estate administration might be an issue with the will itself. According to HuffPost, the will needs to be interpreted and all the terms confirmed by the court. It might be that that document doesn’t properly meet the requirements to be a valid will. The executor of the estate has some important responsibilities, duties and obligations that they must fulfill. The role of an executor can expose them to some level of personal risk. It is highly recommended that an executor gets some legal advice for their situation and circumstances so that they can make sure they understand what is involved.