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The Estate Administration Law Practice is a specialized legal field that focuses on the formal process of managing and settling a deceased person’s financial affairs and distributing their assets. This practice is the practical execution of an estate plan, whether the decedent died with a will or without one. Practitioners in this field provide comprehensive legal guidance to the executor or administrator of an estate, advising them on their extensive legal and fiduciary duties. The scope of the practice covers the entire settlement process, including the gathering and inventorying of the decedent’s assets, providing legally required notices to heirs and creditors, paying the estate’s final debts and taxes from its funds, and, finally, overseeing the lawful distribution of the remaining property to the correct beneficiaries or legal heirs.
Estate administration is the process of winding up a deceased person’s financial affairs after their death. This involves a court-supervised procedure to collect and manage the decedent’s assets, pay off any outstanding debts and taxes, and distribute the remaining property to the rightful heirs and beneficiaries. This process is managed by an executor or administrator who has a fiduciary duty to handle the estate’s assets responsibly and in accordance with the law and the terms of the will, if one exists.
The main duties of an executor or administrator are to manage and settle the decedent’s estate in good faith. This involves identifying and collecting all of the deceased’s assets and creating a detailed inventory of the property. They are legally required to provide notice to creditors and potential heirs. They must also manage the estate’s finances, pay all valid debts and final taxes, and then distribute the remaining assets to the beneficiaries as directed by the will or by the laws of intestacy.
While their duties are virtually identical, the difference lies in their appointment. An executor is the person or institution specifically nominated in a deceased person’s will to be in charge of their estate. An administrator is appointed by the court to manage the estate in situations where the person died without a will, the will did not name an executor, or the named executor is unable or unwilling to serve. The court chooses an administrator based on a legal order of priority.
The estate administration process typically begins with a petition to the court to appoint an executor or administrator. Once appointed, this representative must gather and create an inventory of all estate assets. Next, they provide official notice to creditors and pay all legitimate debts, expenses, and taxes of the estate. After all financial obligations are settled, the representative prepares a final accounting for the court and distributes the remaining assets to the heirs. Finally, the estate is formally closed.
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