What is estate administration?

Estate administration is the process of managing the affairs of an estate following the death of an individual. This process includes gathering all of the assets of the deceased,holding those assets, paying debts and taxes, and distributing what remains according to the wishes of the deceased. It is important to note that estate administration is governed by probate law, which is the body of law that deals with the distribution of an individual’s property following their death. In Vermont, probate law is handled by the Supreme Court, which will decide how an estate will be administered. The first step in estate administration is to determine the validity of a will. If there is a will, then the appointed executor will need to complete the entire process. This may involve filing documents with the court, gathering the deceased’s assets, paying taxes, creditors, and medical bills, and distributing the remainder of the estate based on the requirements of the will. If there is no will, then the court will appoint an administrator who will oversee the estate. The next step is to inventory and appraise all of the assets in the estate. This can include real estate, personal property, investments, and other assets. After this is done, the executor or administrator will need to file a report with the court and pay any taxes or creditors. Finally, what remains of the estate is distributed according to the wishes of the deceased or the laws of inheritance. Overall, estate administration is the process of managing an individual’s estate following their death. In Vermont, probate law governs this process, and it requires the executor/administrator to file reports with the court, gather assets, pay taxes and creditors, and distribute what remains according to the wishes of the deceased or the laws of inheritance.

Related FAQs

What are probate fees?
What is a will contest?
What are the duties of a successor trustee?
Is probate required if the decedent owned joint property?
What is the difference between a beneficiary and an heir?
When is probate required for real estate?
What is an intestate succession?
What is an administrator?
What is a pour over will?
What are the tax implications of probate?

What is estate administration?

Related FAQs

Related Blog Posts