It’s common knowledge that an estate owner should name an executor who manages their estate after their demise. But what happens if estate owners forget to name executors in their wills or an executor refuses to take on the responsibility in front of the court? The solution is simple—the court names another person as the estate administrator, who plays a vital role in estate planning in NYC.
Here’s your detailed guide to estate administration.
What is Estate Administration?
Estate administration is the process of managing a deceased person’s estate if their will doesn’t mention an executor. An estate administrator organizes the deceased person’s personal possessions, real estate properties, accounts, and more. They represent the estate and have the role of managing and distributing a person’s assets.
If you want the responsibility of estate administration, here’s everything you need to know beforehand.
How to Become an Estate Administrator?
If you know that a loved one has passed away without naming an executor, you can handle the responsibility of estate administration. However, you need to file a petition in probate court. You have to do this in the country where the deceased lived and had most of their assets. The court encourages the deceased person’s heirs to apply for the position, but any other close relative can apply.
After reviewing the petitions, the court appoints a responsible estate administrator, usually the deceased person’s surviving spouse. However, the court also considers the deceased’s adult children, parents, and relatives. Once you get the position, you’ll receive an official letter terming you as the estate administrator.
Responsibilities of an Estate Administrator
However, being an estate administrator comes with many responsibilities. Here are some tasks you’ll have to do.
- Notifying the involved parties, including heirs and beneficiaries, about the estate plan
- Collecting the assets of the deceased owner, making a list, and storing them in a safe location
- Paying any debts, bills, and liabilities of the deceased person
- Paying taxes and filing tax returns for the deceased person’s estate
- Distributing the assets according to the deceased’s will or estate plan
Without an estate administrator executing the estate according to the deceased person’s will, inheritance problems can arise. However, Ledwidge and Associates can help with estate planning Brooklyn.
Our Probate lawyer Brooklyn helps estate administrators deal with any inheritance-related issues to ensure proper estate administration. Reach out to us or book an appointment to discuss estate administration or estate planning in Manhattan.
Ledwidge & Associates
