Distributing Remaining Assets

After a loved one has passed away, it is the responsibility of the executor to oversee estate administration. The first step of estate administration is gathering and appraising assets. This can be a lengthy process if the estate was extensive. By hiring professional help, the executor can accurately inventory, document, and appraise the property. After this step is completed, any remaining debt will have to be settled. First the executor will have to notify the creditors and financial institutions. If the estate is not large enough to repay the debts, the courts will determine which creditors should be paid first.

The last step involves distributing the remaining assets among the beneficiaries. This deceased's wishes regarding this is usually stipulated in their will. However, there are times when someone will die intestate (without a will). If this is the case, state law will determine what family members should benefit. As these laws vary state by state, it would be helpful to contact a probate attorney from your state for more details. There may be taxes owed on the estate, and these will also have to be taken from the assets.