As the administrator of a probate estate, you will be responsible for many tasks ranging from arranging burials to distributing inheritance assets. There are two types of probate; testate and interstate. Testate is when the decedent has executed a will. Intestate estates are those where there is no Will.
It can be difficult and time consuming to act as an administrator. It is especially true when dealing with the estate of a spouse, or direct relative. Personal probate representatives are also responsible for grieving heirs, in addition to their administration duties and personal grief.
In testate estates the Administrator is appointed in the Will. A probate judge appoints an executor when a decedent dies without having executed a will. Most often, the judge will choose a surviving spouse, child or relative. If the family is unwilling to take on estate duties, an estate planner or probate lawyer can be appointed.
Legal assistance is required by most probate executors to file documents and transfer financial holdings. This is particularly true when there is a dispute over the Will or real estate. When there is family conflict, it's a good idea for a third-party to handle estate assets.
Administrators will receive compensation for their estate management duties. Administrative fees can be based on the state's probate laws. They may come as a flat rate, an hourly wage, or a percentage of the estate value. Although family members may feel uncomfortable about being paid for their services, it's important to remember that settling an inheritance can take hundreds of hours of work.
Estate administration tasks include taking an inventory of assets, obtaining property appraisers, sending creditor notices and paying off outstanding debts, managing real estate and financial assets and portfolios. Contacting government agencies like Medicare or Veterans Administration is also a common task.
If the designated executors of probate are not able to perform administrative duties, they may submit a dismissal request to court. The judge will confirm a new Administrator and submit the appropriate documents for the change to be recorded through the court.
It is a wise idea to name a first and a second administrator when executing your last will and testament. The second executor will take over if the primary executor cannot fulfill the estate duties. This can be done without a confirmation hearing by the court.
When the death certificate of the deceased is filed, the probate process begins. Probate typically lasts three to nine months. The length of probate depends on the number of court cases, the validity of the will, the value of the estate and the relationship between family members. If family members decide to contest the will, probate may be suspended for several months or even years will and estate lawyers brisbane.
Certain strategies can help avoid probate. Consult a professional estate planning or probate attorney to determine the best strategies. Trusts can be used to avoid inheritance tax. There are several types of trusts, including irrevocable and revocable trusts as well as life insurance trusts.
It is important to have a discussion about the decision before choosing the Will administrator. You may think they are best qualified to deal with estate duties but they may not want to or may be unable to take on more responsibilities.