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Some things to consider when administering an estate

Dealing with the loss of a loved one is challenging to say the least. Many individuals find the emotional turmoil overwhelming without even having to deal with other issues. Unfortunately, many people have to deal with their lost loved one’s estate, which can complicate matters further.

Although some family members have to sit back and accept their inheritance, others carry a greater responsibility, such as when they must act as an estate administrator. This administrator is typically named a will, but he or she may be appointed by the probate court if a will doesn’t name an administrator. As administrator, Sun City residents are responsible for identifying and gathering the estate’s assets, paying the estate’s bills, distributing assets to named heirs, and even filing the estate’s taxes.

By performing these duties, an individual ends up engaging in what is a lot like project management. They may be dealing with tight timelines and tough beneficiaries who disagree over the terms of wills and trusts, as well as how the estate is being managed. This means that an administrator needs to be diligent, but patient.

If the estate must go through probate, then the estate’s administrator may take on even more responsibilities. A lot of paperwork is involved in the probate process, and assets often have to go through the additional step of being appraised to ensure that the true value of the estate is known. Navigating probate can be confusing and time-consuming, leaving many administrators frustrated.

Serving as an estate administrator can be a great honor, but it can also be overwhelming. Fortunately, the process doesn’t have to be debilitating. Instead, estate planners and estate administrators alike can seek guidance from legal professionals who are familiar with this area of the law.